Eli Lilly's corporate venturing division part of CGI consortium selling the company for $120m, twice the venture money invested.
Nasdaq-listed drugs company Gilead Sciences has agreed to acquire CGI Pharmaceuticals, a US-based developer of treatments for rheumatoid arthritis backed by a corporate venturing unit, for $120m, or twice the amount of venture money invested.
The majority of the $120m will be as an upfront payment and the remaining based on clinical development progress.
CGI, formerly Cellular Genomics, had raised $62m from Lilly BioVentures, the corporate venturing division of pharmaceuticals company Eli Lilly and which led the $35m series C…
