NEW YORK (AP) - Biotechnology company Gilead Sciences Inc. said Thursday it
will buy privately held Navitas Assets' hypertension treatment Cicletanine for
an undisclosed amount, in a move to enhance its product pipeline.
The drug is already approved in several European countries, though it has
not yet been reviewed by the Food and Drug Administration review.
"Our agreement with Navitas is reflective of Gilead's commitment to building
a pipeline of therapies for people living with PAH (hypertension), including
treatments with potentially novel mechanisms of action," said Gilead President
and Chief Operating Officer John F. Milligan, in a statement.
He said the company will work to advance the development program as quickly
as possible, with plans for a midstage study by the end of the year. The
company's current hypertension drugs include Flolan and Letairis, though the
Foster City, Calif.-based company is better known for its HIV treatments Viread,
Truvada, and Atripla.
Under the deal, Gilead will give Laramie, Wyo.-based Navitas an upfront
payment and future contingent payments based on sales.
Shares of Gilead fell 9 cents to $55.26 in after-hours trading after rising
$1.78, or 3.3 percent, to $55.35 during the regular trading session.
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