Gilead Signs Agreement With Eco Industrial Business Park to Acquire Land Neighbouring Gilead's Edmonton Research and Development Facility
Nov. 13, 2012
Gilead Alberta ULC, a wholly-owned subsidiary of Gilead Sciences, Inc. (Nasdaq: GILD), today announced that the company has entered an agreement with Eco Industrial Business Park Inc. to purchase and develop 10 acres of land at 1250 Hayter Road, in North East Edmonton. The transaction is anticipated to close in January 2013.
The agreement will allow for construction of a new three-storey, 45,000-square-foot research and development facility across the street from Gilead's existing facilities in Edmonton. The building will include laboratory and office space for more than 80 scientists involved in process chemistry and analytical development of new drug substances. Gilead currently employs more than 220 staff in Edmonton and recently began the hiring process for 50 new scientists.
"Gilead has had a long-standing presence in the Alberta biopharmaceutical community and we are committed to continued innovation at this site," said Norbert Bischofberger, PhD, Executive Vice President, Research and Development and Chief Scientific Officer, Gilead Sciences. "At a time when Gilead's R&D pipeline is growing and expanding into new therapeutic areas, we believe this planned facility will enable our process and analytical chemistry teams in Alberta to make an even greater contribution in the development of new therapies for patients."
"Gilead's plans for the site are in sync with Eco's vision and commitment of bringing sustainable value to the site and the region," said Mohammed Farooq, Vice President of Eco Industrial Business Park Inc. "We look forward to continued cooperation with Gilead as we seek to complete this transaction."
Gilead must complete a due diligence review of the property. Gilead or Eco may terminate the purchase agreement at any time during this diligence review period. Pending close of the transaction, The Graham Group will manage the development of the 10-acre site and lead construction of the new building, which will be designed by Manasc Isaac Architects Ltd. Construction is anticipated to begin in early 2013.
About Gilead Sciences
Gilead Sciences is a biopharmaceutical company that discovers, develops and commercializes innovative therapeutics in areas of unmet medical need. The company's mission is to advance the care of patients suffering from life-threatening diseases worldwide. Headquartered in Foster City, California, Gilead has operations in North America, Europe and Asia Pacific.
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks, uncertainties and other factors, including risks related to Gilead's ability to close the transaction, including as a result of potential termination of the purchase agreement, and commence construction in the currently contemplated time frame. These risks, uncertainties and other factors could cause actual results to differ materially from those referred to in the forward-looking statements. The reader is cautioned not to rely on these forward-looking statements. These and other risks are described in detail in Gilead's Quarterly Report on Form 10-Q for the quarter ended September 30, 2012, as filed with the U.S. Securities and Exchange Commission. All forward-looking statements are based on information currently available to Gilead, and Gilead assumes no obligation to update any such forward-looking statements.
For more information on Gilead Sciences, please visit the company's website at www.gilead.com,
follow Gilead on Twitter (@GileadSciences) or call Gilead Public Affairs at 1-800-GILEAD-5
Gilead Media Contact:
Nathan Kaiser, 650-522-1853
Eco Media Contact:
Mohammed Farooq, 780-477-2674