Advertisement

Gilead Sciences Bets $400M On Inflammatory Diseases Focused UK Based Firm

  • Gilead Sciences Inc (NASDAQ: GILD) has agreed to acquire MiroBio, a privately-held U.K.-based biotechnology company focused on restoring immune balance with agonists targeting immune inhibitory receptors.

  • Gilead will pay approximately $405 million in cash.

  • The acquisition will provide Gilead with MiroBio's proprietary discovery platform and the entire portfolio of immune inhibitory receptor agonists.

  • Related: Gilead Sciences' Q2 Beats Street View On Robust Oncology, HIV Product Sales.

  • MiroBio's lead investigational antibody, MB272 has entered Phase 1 clinical trials, with the first patient dosed earlier this week.

  • MiroBio's I-ReSToRE platform has the potential to be used to develop best-in-class agonist antibodies targeting immune inhibitory receptors for inflammatory diseases.

  • The company expects the transaction with MiroBio to reduce Gilead's GAAP and non-GAAP 2022 EPS by approximately $0.30-$0.35.

  • Price Action: GILD shares are up 0.42% at $62.01 during the market session on the last check Thursday.

See more from Benzinga

ADVERTISEMENT

Don't miss real-time alerts on your stocks - join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.