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June 25, 2010
NEW YORK, June 25, 2010 — Gilead Sciences, Inc. and CGI Pharmaceuticals, Inc. today announced the signing of a definitive agreement pursuant to which Gilead will acquire CGI. Under the terms of the agreement, Gilead will acquire CGI for up to $120 million, the majority as an upfront payment and the remaining based on clinical development progress. Covington & Burling LLP advised Gilead Sciences on the deal.
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. CGI is a private, development-stage pharmaceutical company that has leveraged its small molecule chemistry and kinase biology expertise to discover and develop an innovative pipeline of small molecule therapeutics for multiple oncology and immunology-based indications.
The Covington team based in New York, Washington, and San Francisco was led by corporate partner J. D. Weinberg, with associates Jonathan Jacobs and Beatriz Martinez. Also advising on the transaction were partners Jim Snipes (life sciences), Rob Heller (tax), Michael Labson (food & drug), and Corinne Goldstein (environmental), and of counsel Natalie Derzko (intellectual property).