Gilead (NASDAQ: GILD), GlaxoSmithKline (NYSE: GSK) Sign Deal to Sell Viread as Hepatitis B Drug
Ft. Lauderdale 11/25/2009 08:09 PM GMT (TransWorldNews)
Gilead Sciences Inc. (NASDAQ: GILD) and GlaxoSmithKline (NYSE: GSK) said Tuesday they signed a deal to sell Viread as a hepatitis B treatment in Asia, according to Associated Press.
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Gilead makes Viread, which is also used to treat HIV.
Each company will pay royalties to the other on sales of the drug for their respective Asian territories. Gilead retains exclusive sales rights in Hong Kong, Singapore, South Korea, and Taiwan. Glaxo has rights in China.
Financial details of the deal were not disclosed.
Shares of Gilead, based in Foster City, Calif., fell 2 cents to $46.99 in afternoon trading, while shares of U.K.-based Glaxo rose 17 cents to $42.31.
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