U.S.-based biotech giant Gilead Sciences has acquired EpiTherapeutics of Denmark for $65 million.
According to reports, the purchase gives Gilead the rights to the Danish company's advanced small molecule inhibitors of enzymes used in regulating the transcription of genes in various types of cancers.
EpiTherapeutics is one of the leading companies in the world in epigenetics, the study of external genome factors that influence how genes activate or deactivate a disease pathway. The company specializes on enzymes involved in transcription regulation in cancer, which is considered the first stage of gene expression.
Norbert Bischofberger, Gilead's executive vice president for research and development, expressed his optimism about epigenetics and said that EpiTherapeutics is a foremost expert in this field of research.
Bischofberger, who is also the company's chief scientific officer, said that the therapeutic class fits well with Gilead's own research portfolio with the potential to combine both companies' approaches.
"We look forward to working with colleagues from EpiTherapeutics to advance these programs toward clinical development in diseases with significant unmet medical need," he said.
For its part, EpiTherapeutics welcomed the prospect of working with Gilead in developing its projects in epigenetics.
"EpiTherapeutics has done groundbreaking work in a new therapeutic class of small molecule inhibitors with broad implications across various disease states," Martin Bonde, chief executive officer of EpiTherapeutics, said.
"We are confident that with Gilead's acquisition of the company, our discoveries will have the best chance to be developed into therapies that will benefit patients."
John Milligan, president and chief operating officer of Gilead, said that they are planning on absorbing EpiTherapeutics' assets over the coming year. He said that Gilead could also take on the Danish biotech company's work in other fields.
During Gilead's annual meeting with shareholders on Wednesday, Milligan announced that the company is eyeing further acquisitions in other fields within the coming year.
In 2011, Gilead purchased pharmaceutical company Pharmasset Inc. for $11 billion. The deal allowed the company to take on Pharmasset's groundbreaking drugs, such as its hepatitis C treatments Sovaldi and Harvoni.
Photo: Duncan Hull | Flickr
