|Type||Public NASDAQ: GILD|
|Founded||Foster City, California (1987)|
|Headquarters||Foster City, California|
|Key people||John Martin, President and Chief Executive Officer|
|Industry||Healthcare, Biotechnology, Pharmaceutical company|
|Products||AmBisome, Atripla, Emtriva, Flolan, Hepsera, Letairis, Macugen, Tamiflu, Truvada, Viread, Vistide|
|Revenue||US$4.23 billion (2007)|
|Operating income||▲US$1.62 billion (2007)|
|Net income||▲US$2.16 billion (2007)|
|Employees||2,979 (Jan. 31, 2008)|
Gilead Sciences NASDAQ: GILD is a biopharmaceutical company that discovers, develops and commercializes therapeutics. For many years since the company was founded, the company concentrated primarily on antiviral drugs to treat patients infected with HIV, hepatitis B or influenza. In 2006, Gilead acquired two companies that were developing drugs to treat patients with pulmonary diseases. The company has eleven commercially available products. Headquartered in Foster City, California, Gilead has operations in North America, Europe and Australia. As of Jan. 31, 2008, the company had 2,979 full-time employees.
The company's name and logo refer to the Balm of Gilead. Gilead (a place mentioned in the Bible) was famed for its small trees that produced a resin used in medicine. The leaf in the logo symbolizes healing, life and growth, while the shield represents safety, strength, and honor. Together they signify Gilead's efforts to use the healing power of science to create medicines that treat life-threatening diseases.
Gilead Sciences was originally formed under the name of "Oligogen, Inc." in August 1987 by Michael Riordan, a medical doctor who was 29 years old at the time. The name of the company was changed to "Gilead Sciences" in 1988. Riordan looked to Donald Rumsfeld as a mentor in the business world and to navigate the political waters. Under the technical leadership of scientist Mark Matteucci, the company focussed on discovery research, making small strands of DNA (oligomers) to assess the potential of genetic code blockers (gene therapy). Its development of small molecule antiviral therapeutics was ushered in by John Martin in 1992 with the licensing of nucleotide compounds discovered in two European academic labs.
In 1990, Gilead entered into a collaborative research agreement with Glaxo for the research and development of genetic code blockers, also known as antisense. This collaboration was terminated in 1998, and Gilead's antisense intellectual property portfolio was sold to Isis Pharmaceuticals.
Gilead debuted on the NASDAQ in January 1992. Its IPO raised $86.25 million in proceeds.
In June 1996, Gilead launched its first commercial product, Vistide (cidofovir injection) for the treatment of cytomegalovirus (CMV) retinitis in patients with AIDS. The company cooperated with Pharmacia & Upjohn to market the product outside the U.S.A.
In March 1999 Gilead acquired NeXstar Pharmaceuticals of Boulder, Colorado following two years of negotiations with the company. At the time, NeXstar's annual sales of $130 million was three times Gilead's sales. NeXstar's two revenue-generating drugs were AmBisome, an injectable fungal treatment, and DaunoXome, an oncology drug taken by HIV patients. Also in 1999, Roche announced first approval of Tamiflu (oseltamivir) for the treatment of influenza. Tamiflu was originally discovered by Gilead and licensed to Roche for late-phase development and marketing.
In January 2003 Gilead completed its acquisition of Triangle Pharmaceuticals. The company also announced its first full year of profitability. Later that year Hepsera (adefovir) was approved for the treatment of chronic hepatitis B, and Emtriva (emtricitabine) for the treatment of HIV.
In January 1997, Donald Rumsfeld, a Board member since 1988, was appointed Chairman of the company. He stood down from the Board in January 2001 when appointed Secretary of Defense at the start of George W. Bush's first term as President. Federal disclosure forms indicate that Rumsfeld owns between USD$5 million and USD$25 million in Gilead stock. The rise in Gilead's share prices from USD$35 to USD$57 per share will have added between USD$2.5 million to USD$15.5 million to Rumsfeld's net worth.
In November 2005, George W. Bush urged Congress to pass $7.1 billion in emergency funding to prepare for the possible bird flu pandemic, of which one billion is solely dedicated to the purchase, and distribution of Tamiflu.
In July 2006, the U.S.Food and Drug Administration (FDA) approved Atripla, a once a day single tablet regimen for HIV, combining Sustiva (efavirenz), a Bristol-Myers Squibb product, and Truvada (emtricitabine and tenofovir disoproxil fumarate), a Gilead product.
Gilead purchased Raylo Chemicals, Inc. in November 2006 for a price of $133.3 million. Raylo Chemical, based in Edmonton, Alberta, was a wholly-owned subsidiary of Degussa AG, a German company. Raylo Chemical was a custom manufacturer of active pharmaceutical ingredients and advanced intermediates for the pharmaceutical and biopharmaceutical industries.
Myogen, based in Boulder, Colorado, was completing Phase 3 studies of ambrisentan--now marketed as "Letairis"--an orally available endothelin receptor antagonist. The U.S. FDA subsequently approved ambrisentan for the treatment of pulmonary arterial hypertension in June 2007.
Under an agreement with GlaxoSmithKline, Myogen markets Flolan (epoprostenol sodium) in the United States for the treatment of primary pulmonary hypertension. Additionally, Myogen is developing (in Phase 3 studies) darusentan, also an endothelin receptor antagonist, for the potential treatment of resistant hypertension.
The other acquisition was Corus Pharma. Corus' lead product candidate, aztreonam lysine for inhalation, is an antibiotic with activity against gram-negative bacteria including Pseudomonas aeruginosa, which can cause lung infections in patients with cystic fibrosis. The product is in Phase 3 studies. Gilead also obtained an inhalation formulation of two antibiotics for treatment of respiratory infections.
Gilead expanded its move into respiratory therapeutics in 2007 by entering into a licensing agreement with Parion for an epithelial sodium channel inhibitor for the treatment of pulmonary diseases, including cystic fibrosis, chronic obstructive pulmonary disease and bronchiectasis.
|1999||Nexstar Pharmaceuticals||$550 million||Nexstar had two drugs (AmBisome and DaunoXome) of which only AmBisome is still in Gilead's portfolio, although it is not a major source of income for the company. DaunoXome was sold to Diatos in 2006. As important as the products, Nexstar also provided Gilead with a much-needed sales force and commercialization team in Europe and Australia, and a manufacturing plant in San Dimas, California.|
|2003||Triangle Pharmaceuticals||$464 million||Triangle owned the development and commercialization rights to emtricitabine, which although marketed as a stand-alone product (Emtriva), is also a component of the more profitable combination products Atripla and Truvada.|
|2006||Corus Pharma, Inc.||$365 million||The acquisition of Corus signaled Gilead's entry into the respiratory arena. Corus was developing aztreonam lysine for the treatment of patients with cystic fibrosis who are infected with Pseudomonas aeruginosa|
|2006||Myogen, Inc.||$2.5 billion||With two drugs in development (ambrisentan and darusentan), and one marketed product (Flolan) for pulmonary diseases, the acquisition of Myogen has solidified Gilead's position in this therapeutic arena.|
|2006||Raylo Chemicals, Inc.||€107 million||This Edmonton, Alberta site will be used for process research and for manufacturing compounds for both clinical studies and commercial products.|
|2007||Nycomed fr. Altana - Cork||€34 million||This commercial manufacturing site was purchased by Gilead in place of building out the site in Dublin. This site is formerly Altana in Cork which was purchased by Nycomed.|
|2009||CV Therapeutics, Inc.||$1.4 million||This acquisition brings Ranexa and Lexiscan as commercial products. Ranexa is a cardiovascular drug used to treat chest pain related to coronary artery disease. These products and pipeline build out Gilead's cardiovascular franchise.|
Gilead's Executive Committee is responsible for making the critical decisions that determine the company's future. Its members include:
|John C. Martin||Chief Executive Officer and Chairman|
|Norbert W. Bischofberger||Executive Vice President, Research and Development and Chief Scientific Officer|
|John F. Milligan||President and Chief Operating Officer|
|Robin Washington||Senior Vice President and Chief Financial Officer|
|Kevin Young||Executive Vice President, Commercial Operations|
|Gregg H. Alton||Senior Vice President and General Counsel|
|Anthony D. Caracciolo||Senior Vice President, Manufacturing and Operations|
|Paul Carter||Senior Vice President, International Commercial Operations|
|Seigo Izumo||Senior Vice President, Head of Cardiovascular Therapeutics|
|William A. Lee||Senior Vice President, Head of Antiviral Therapeutics|
|James R. Meyers||Senior Vice President, Commercial Operations, North America|
|A. Bruce Montgomery||Senior Vice President, Head of Respiratory Therapeutics|
|John J. Toole||Senior Vice President, Corporate Development|
|Taiyin Yang||Senior Vice President, Pharmaceutical Development and Manufacturing|
|Kristen M. Metza||Senior Vice President, Human Resources|
Gilead has 12 products on the market.
|Brand Name||Drug Name(s)||Indication||Date Approved (USA)||Marketing Partner(s)||U.S. Patent Expiration||European Patent Expiration|
|AmBisome||liposomal amphotericin B||fungal infection, cryptococcal meningitis, Aspergillus, Candida, Cryptococcus infections||1997-08-11||Astellas Pharma||2016||2008|
|Atripla||tenofovir, emtricitabine, and efavirenz||HIV, AIDS||2006-07-12||Bristol-Myers Squibb||2021||2018|
|Flolan||epoprostenol sodium||pulmonary hypertension||1995-09-20||GlaxoSmithKline||expired||expired|
|Hepsera||adefovir dipivoxil||hepatitis B (HBV)||2002-09-20||2014||2011|
|Letairis||ambrisentan||pulmonary arterial hypertension||2007-06-15||GlaxoSmithKline||2015||2015|
|Macugen||pegaptanib sodium solution||age-related macular degeneration||2004-12-17||OSI and Pfizer||2017||2017|
|Tamiflu||oseltamivir phosphate||influenza||1999-10-27||Hoffmann–La Roche||2016||2016|
|Truvada||emtricitabine and tenofovir||HIV, AIDS||2004-08-02||2021||2018|
|Viread||tenofovir||HIV, AIDS, Hepatitis-B||2001-10-26||2017||2018|