-- Deal Adds Small Molecule Inhibitors against Targets Involved in Epigenetic Regulation --
FOSTER CITY, Calif. & COPENHAGEN, Denmark--May 6, 2015-- Gilead Sciences, Inc. (NASDAQ:GILD) and EpiTherapeutics ApS, a privately-held Danish company, announced the signing of a definitive agreement pursuant to which Gilead has acquired EpiTherapeutics for $65 million, subject to certain purchase price adjustments, to be financed through available cash on hand.
EpiTherapeutics has generated a library of first-in-class, selective small molecule inhibitors of epigenetic regulation of gene transcription, in particular histone demethylases. The company's lead pre-clinical compounds are being studied for the treatment of certain cancers.
"Epigenetics is a promising area of research and the EpiTherapeutics team is a recognized scientific leader in this field," said Norbert Bischofberger, PhD, Gilead's Executive Vice President, Research and Development and Chief Scientific Officer. "This therapeutic class represents a strategic fit with our existing research portfolio, including the potential for novel combination approaches. We look forward to working with colleagues from EpiTherapeutics to advance these programs toward clinical development in diseases with significant unmet medical need."
"EpiTherapeutics has done groundbreaking work in a new therapeutic class of small molecule inhibitors with broad implications across various disease states," saidMartin Bonde, PhD, EpiTherapeutics' Chief Executive Officer. "We are confident that with Gilead's acquisition of the company, our discoveries will have the best chance to be developed into therapies that will benefit patients."
Investors in EpiTherapeutics are NOVO Seeds, SEED Capital, Lundbeckfond Emerge, MS Ventures and Astellas Venture. Back Bay Life Science Advisors ofBoston advised EpiTherapeutics on the transaction.
EpiTherapeutics is developing novel innovative cancer drugs based on epigenetics, a therapeutic area researched by renowned scientist Professor Kristian Helin and his group at Biotech Research & Innovation Centre (BRIC) at University of Copenhagen. EpiTherapeutics' development programs are focused on enzymes involved in the regulation of transcription in cancer. For more information, please visit: www.epitherapeutics.com.
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. Gilead has operations in more than 30 countries worldwide, with headquarters in Foster City, California.
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 the risk that Gilead may be unable to advance EpiTherapeutics' research programs. 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 Annual Report on Form 10-K for the year ended December 31, 2014, 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 statement.
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 or 1-650-574-3000.