* CGI focused on small molecule chemistry and biology
* Funding will come from cash on hand
* Expects deal to close in the third quarter
BOSTON, June 25 Gilead Sciences Inc (GILD.O)
said on Friday it agreed to acquire privately held drug
discovery company CGI Pharmaceuticals Inc for up to $120
CGI has generated a library of small molecule kinase
inhibitors. Its lead compound could have unique applications
for the treatment of inflammatory diseases, including
rheumatoid arthritis, Gilead said.
Funding for the deal will come from cash on hand. Most will
consist of an upfront payment, and the remainder will be based
on clinical development progress.
Foster City-based Gilead is a leading maker of treatments
for HIV/AIDS. The company expects the deal to close in the
(Reporting by Toni Clarke; Editing by Derek Caney)