Date: Aug 15, 2007 Source: bizjournals (
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Gilead Sciences Inc. will pay up to $146 million to Parion Sciences Inc. in a licensing and co-development agreement to advance drug candidates for pulmonary disease, the companies said Wednesday.
The agreement with Durham, N.C.-based Parion, a privately held development-stage pharmaceutical company, grants Foster City-based Gilead (NASDAQ:GILD) worldwide commercialization rights to P-680 for the treatment of pulmonary diseases, including cystic fibrosis, chronic obstructive pulmonary disease and non-CF bronchiectasis.
In addition, the companies will collaborate on a research program using Parion's chemistry platform.
According to the terms of the agreement, Gilead will provide an upfront payment of $5 million for the license and make an additional $5 million investment in Parion. In addition, Gilead will supply research funding and may make payments upon achievements of certain milestones up to a total of about $146 million.
