Gilead Sciences deal to Acquire Triangle Pharmaceuticals worth $464 million
Plan involves a two-step acquisition whereby Triangle will become a wholly owned subsidiary of Gilead. Launch of Coviracil for HIV treatment envisaged.
California based Gilead Sciences, Inc. and North Carolina’s Triangle Pharmaceuticals, Inc. have signed a definitive agreement under which Gilead plans to acquire Triangle.
The transaction is to be structured as a two-step acquisition comprising a cash tender offer for all of the outstanding Triangle common stock at $6.00 per share, followed by a cash merger in which Gilead would acquire any remaining outstanding Triangle common stock at $6.00 per share.
The value of the transaction is about $464 million. Gilead and Triangle expect the tender offer to close in the first half of 2003."
Gilead, with its focus on infectious diseases, has a strong strategic rationale for acquiring Triangle. John Martin, PhD, Gilead’s President and CEO sees "important synergies and opportunities for growth" in Triangle’s product portfolio.
Gilead has successfully launched Viread® (tenofovir disoproxil fumarate) and Hepsera™ (adefovir dipivoxil) in the US within the span of one year. The Triangle deal will allow Gilead to "leverage the infrastructure, capabilities and relationships" with physicians treating HIV and hepatitis-B that Gilead has built up around the world.
Triangle’s pipeline of products includes the antiviral Coviracil, a one pill, once daily nucleoside analogue for the treatment of HIV. Triangle filed a New Drug Application with the US Food and Drug Administration in September 2002. Triangle expects to file a Marketing Authorisation Application in Europe before the end of the year.
"Together, our combined organization is well positioned to successfully launch Coviracil® (emtricitabine, FTC) into the competitive HIV marketplace."
Daniel Welch, Chairman and CEO of Triangle, recognised Gilead’s experience would help realise the full potential of Coviracil and Triangle’s other compounds in development. "The Triangle team has built a portfolio of products with great potential for patients suffering from HIV disease and chronic hepatitis B."
Gilead plans to immediately initiate development of a co-formulation of Viread and Coviracil as a potential fixed-dose combination treatment for patients with HIV. Coviracil also is being evaluated in a Phase III study for patients with chronic hepatitis B.
The Triangle portfolio includes amdoxovir (DAPD), a nucleoside analogue in Phase II clinical studies for the treatment of HIV, and clevudine (L-FMAU), a nucleoside analogue in Phase I/II studies for the treatment of chronic hepatitis B.
Gilead’s current product portfolio includes six commercially available products, four of which are antivirals. These include Viread for the treatment of HIV, marketed exclusively by Gilead; Hepsera for the treatment of chronic hepatitis B, for which Gilead has retained rights in the United States, Canada, Europe, Australia and New Zealand and for which GlaxoSmithKline has licensed rights in Asia, Latin America and select other territories; Vistide® (cidofovir injection) for the treatment of cytomegalovirus retinitis, marketed in the United States by Gilead and internationally by Pharmacia Corporation; and Tamiflu® (oseltamivir phosphate) for the treatment and prevention of influenza, marketed worldwide by Hoffmann-La Roche.
Gilead also markets AmBisome® (amphotericin B) liposome for injection internationally and with Fujisawa Healthcare in the United States and markets DaunoXome® (daunorubicin citrate liposome injection) worldwide.
Keywords : Gilead Sciences Triangle Pharmaceuticals Acquisition HIV Heaptitis-B Coviracil Viread combination
