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news.US-based biopharmaceutical firm Gilead Sciences has signed a definitive agreement to acquire EpiTherapeutics, a Danish developer of cancer drugs, for $65m.
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EpiTherapeutics has developed a library of first-in-class, selective small molecule inhibitors of epigenetic regulation of gene transcription, in particular histone demethylases.
Gilead Research and Development executive vice-president and chief scientific officer Norbert Bischofberger said: "Epigenetics is a promising area of research and the EpiTherapeutics team is a recognized scientific leader in this field."
EpiTherapeutics chief executive officer Martin Bonde said: "EpiTherapeutics has done groundbreaking work in a new therapeutic class of small molecule inhibitors with broad implications across various disease states.
"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."
Currently, EpiTherapeutics’ lead pre-clinical compounds are being evaluated for the treatment of certain cancers.
The agreement, which is subject to certain purchase price adjustments, will be financed through available cash on hand, Gilead said in a statement.