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Gilead, Parion Sciences to co-develop pulmonary drugs

Wed Aug 15, 2007 4:15pm EDT

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Aug 15 (Reuters) - Gilead Sciences Inc. (GILD.O) said it entered into an agreement with privately held pharmaceutical company Parion Sciences Inc. to co-develop drug candidates for pulmonary disease.

The agreement grants Gilead worldwide commercialization rights to P-680, an epithelial sodium channel inhibitor, for the treatment of pulmonary diseases.

Under the terms, Gilead will provide an upfront payment of $5 million for the license and make an additional $5 million investment in Parion.

(Reporting by Jennifer Robin Raj in Bangalore)

((Editing by Vinu Pilakkott; Reuters Messaging:aruna.jennifer.reuters.com@reuters.net; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800)) Keywords: GILEAD CODEVELOPMENT/

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