Gilead Sciences Bets $400M On Inflammatory Diseases Focused UK Based Firm

Gilead Sciences Inc GILD has agreed to acquire MiroBio, a privately-held U.K.-based biotechnology company focused on restoring immune balance with agonists targeting immune inhibitory receptors.
Gilead will pay approximately $405 million in cash.
The acquisition will provide Gilead with MiroBio's proprietary discovery platform and the entire portfolio of immune inhibitory receptor agonists.
Related: Gilead Sciences' Q2 Beats Street View On Robust Oncology, HIV Product Sales.
MiroBio's lead investigational antibody, MB272 has entered Phase 1 clinical trials, with the first patient dosed earlier this week.
MiroBio's I-ReSToRE platform has the potential to be used to develop best-in-class agonist antibodies targeting immune inhibitory receptors for inflammatory diseases.
The company expects the transaction with MiroBio to reduce Gilead's GAAP and non-GAAP 2022 EPS by approximately $0.30-$0.35.
Price Action: GILD shares are up 0.42% at $62.01 during the market session on the last check Thursday.