Gilead Sciences Completes Acquisition of MiroBio

Rhea-AI Summary

Gilead Sciences, Inc. (GILD) has successfully completed the acquisition of MiroBio for $405 million in cash. MiroBio, a U.K.-based biotechnology firm, specializes in immune inhibitory receptor agonists. This acquisition grants Gilead access to MiroBio's proprietary discovery platform and its lead investigational antibody, MB272, which is currently in Phase 1 clinical trials. Gilead aims to enhance its portfolio in inflammatory diseases, addressing unmet medical needs.

Positive

• Acquisition of MiroBio strengthens Gilead's pipeline in inflammatory diseases.
• Access to MiroBio's proprietary discovery platform and lead investigational antibody, MB272.
• Potential for developing best-in-class large molecule therapeutics.

Negative

• Integration challenges and unanticipated expenses may arise from the acquisition.
• Risks associated with clinical trials and regulatory approvals could impact expected benefits.

FOSTER CITY, Calif.--(BUSINESS WIRE)-- Gilead Sciences, Inc. (Nasdaq: GILD) today announced the completion of the previously announced transaction to acquire MiroBio, a privately held U.K.-based biotechnology company focused on restoring immune balance with agonists targeting immune inhibitory receptors, for approximately $405 million in cash. The acquisition provides Gilead with MiroBio’s proprietary discovery platform and entire portfolio of immune inhibitory receptor agonists. MiroBio’s lead investigational antibody, MB272, is a selective agonist of immune inhibitory receptor B- and T-Lymphocyte Attenuator (BTLA) and has entered Phase 1 clinical trials, with the first patient dosed in early August 2022. MB272 targets T, B and dendritic cells to inhibit or blunt activation and suppress an inflammatory immune response.

“Inflammation is a key area of focus for Gilead, and MiroBio’s novel discovery platform technology and pipeline provides the opportunity to develop potentially best-in-class large molecule therapeutics to help patients with currently unmet medical needs,” said Flavius Martin, Executive Vice President, Research, Gilead Sciences. “This novel approach to inflammatory diseases has the potential to be an important part of providing durable remission for patients living with complex and chronic immune-mediated conditions.”

About Gilead Sciences

Gilead Sciences, Inc. is a biopharmaceutical company that has pursued and achieved breakthroughs in medicine for more than three decades, with the goal of creating a healthier world for all people. The company is committed to advancing innovative medicines to prevent and treat life-threatening diseases, including HIV, viral hepatitis, inflammation and cancer. Gilead operates in more than 35 countries worldwide, with headquarters in Foster City, California.

Gilead Forward-Looking Statements

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 difficulties or unanticipated expenses in connection with integrating the companies, including the effects of the transaction on relationships with employees, other business partners or governmental entities; the risk that Gilead may not realize the expected benefits of this transaction; the ability of Gilead to advance MiroBio’s product pipeline and successfully commercialize MiroBio’s products; the ability of the parties to initiate and complete clinical trials involving such products in the currently anticipated timelines or at all; the possibility of unfavorable results from one or more of such trials involving such products; uncertainties relating to regulatory applications and related filing and approval timelines, including the risk that FDA may not approve any such products in the anticipated indications or on the timelines or at all, and any marketing approvals, if granted, may have significant limitations on its use; any assumptions underlying any of the foregoing; and other risks and uncertainties detailed from time to time in Gilead’s periodic reports filed with the U.S. Securities and Exchange Commission (the “SEC”), including current reports on Form 8-K, quarterly reports on Form 10-Q and annual reports on Form 10-K. These risks, uncertainties and other factors could cause actual results to differ materially from those referred to in the forward-looking statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and are cautioned not to place undue reliance on these forward-looking statements. All forward-looking statements are based on information currently available to Gilead, and Gilead assumes no obligation and disclaims any intent to update any such forward-looking statements.

Gilead and the Gilead logo are trademarks of Gilead Sciences, Inc., or its related companies.

For more information about Gilead, 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220919005772/en/

Jacquie Ross, Investors

Investor_relations@gilead.com

Cathy Cantone, Media

(908) 327-3013

Source: Gilead Sciences, Inc.

FAQ

What did Gilead Sciences announce regarding MiroBio?

Gilead announced the completion of its acquisition of MiroBio for $405 million in cash.

What is the strategic importance of acquiring MiroBio for Gilead?

The acquisition enhances Gilead's capabilities in developing therapies for inflammatory diseases.

What is the status of MiroBio's lead investigational product, MB272?

MB272 is currently in Phase 1 clinical trials, focusing on immune regulatory functions.

How much did Gilead pay for the acquisition of MiroBio?

Gilead paid approximately $405 million in cash for the acquisition.

What are the risks associated with Gilead's acquisition of MiroBio?

Risks include integration challenges, clinical trial uncertainties, and potential regulatory hurdles.