Gilead Sci invests $20M in Corus to fund CF drug

USA-based Gilead Science has invested $25.0 million in Corus, a privately-held drugmaker focused on respiratory diseases, in return for a quantity of preferred shares that will see it become the firm's second-largest shareholder. Gilead will also have an exclusive option to purchase the remaining shares of Corus at a pre-specified, undisclosed price.

The market reacted positively to the news. On the day this was announced, April 12, shares in California-headquartered Gilead rose $0.68 to close at $61.09.

Gilead's chief financial officer, John Milligan, said the cash will help progress Corus' lead product candidate, Cayston (aztreonam lysine), an inhaled antibiotic with activity against gram-negative bacteria including Pseudomonas aeruginosa, which can cause lung infections in cystic fibrosis patients. Seattle-based Corus is currently enrolling patients in Phase III studies to evaluate Cayston in CF-related pulmonary infections.