Gilead Sciences Inc. (GILD), which is the maker for the world's best-selling AIDS treatment is buying Myogen Inc. for $2.5 billion. Although the purchase will hurt the company's earning for 2007 and 2008 it should begin to add earnings in 2010.
The Myogen board voted unanimously to recommend the offer from California-based Gilead to its shareholders. The sale is expected to close before the end of the year.
Gilead is the maker of the AIDS drug Viread and Myogen's lead product is Ambrisentan, a pill for the potential treatment of pulmonary arterial hypertension.
In September Gilead and Bristol-Myers Squibb Co. (BMY) announced an agreement to commercialize ATRIPLA in Canada for the treatment of HIV-1 infection in adults, subject to the approval of the product by Health Canada. ATRIPLA is the first once-daily tablet regiment for HIV intended as a stand-alone therapy or in combination with other antiretrovirals. Approval for the drug was made by the U.S. Food & Drug Administration on July 12, 2006.
Know More about the latest drugs at ThePharmVoice. com.
Comment Preview