Nasdaq-listed drugs company Gilead Sciences has agreed to acquire CGI Pharmaceuticals, a US-based developer of treatments for rheumatoid arthritis backed by a corporate venturing unit, for $120m, or twice the amount of venture money invested.
The majority of the $120m will be as an upfront payment and the remaining based on clinical development progress.
CGI, formerly Cellular Genomics, had raised $62m from Lilly BioVentures, the corporate venturing division of pharmaceuticals company Eli Lilly and which led the $35m series C round in June 2004, and venture capital firms CHL Medical Partners, Coastview Capital, Connecticut Innovations, Emerging Technology Partners, Flagship Ventures, MPM Capital, Oxford Bioscience Partners, RiverVest Venture Partners, Vantage Point Venture Partners, Vector Fund Management and Toucan Fund Management.