P&U Gains Non-US Rights To Cidofovir

- Gilead Sciences has licensed all non-US rights to its intravenous treatment for cytomegalovirus infection, Vistide (cidofovir), to Pharmacia & Upjohn. Gilead markets the drug in the USA through its own sales force. Under the terms of the new agreement, Gilead will receive a $10 million initial license fee, with a further $10 million owing on European marketing authorization. On European approval, P&U will also purchase $40 million of Gilead common stock, priced at 145% of the average closing price over the previous 30 days.