Gilead Sciences and MYR today announced that they have entered into an agreement to acquire Gilead for MYR for €1.15 billion in cash, payable at closing of the transaction, with a subsequent payment of €0.3 billion, subject to an adjustment fee at closing.
Founded in 2011, MYR is the first German company in the field of biotechnology to successfully move a drug from pre-clinical development to the market. The company’s main product is called “Bulevirtide“, and it sold it under the trade name HepcludexTM. , which acts as a viral introduction inhibitor – the first of its kind – to treat the most severe type of viral hepatitis D or HDV, and is the first drug approved for this indication.
Gilead believes MYR will advance the company’s business that has been developed over the past two decades to improve viral hepatitis treatment regimens, the transaction was one of the largest venture capital-financed German biotech start-up business deals in the past 20 years, and led to the most successful exit of major investor High-Tech Gründerfonds from MYR.