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news.Gilead Sciences is set to acquire Raylo Chemicals, a Canadian subsidiary of German specialty chemicals company Degussa, for approximately E115.2 million.
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In addition, Gilead has entered into long-term agreements with Degussa for the supply of raw materials and the manufacture of certain active pharmaceutical ingredients (API) for Gilead products. The companies expect the transaction to close in the fourth quarter of 2006.
Located in Edmonton, Canada, Raylo Chemicals is currently part of Degussa's exclusive synthesis & catalysts business unit. Raylo's operations encompass custom manufacturing of API and advanced intermediates for the pharmaceutical and biopharmaceutical industries.
Gilead intends to utilize this site primarily for manufacturing development of investigational products, supplying API for clinical research programs and contributing to new product launch supplies.
“Gilead has had a long-standing and successful partnership with Degussa and Raylo, and we look forward to welcoming our colleagues at Raylo to the Gilead team,” said Dr John Martin, president and CEO of Gilead. “As our company continues to grow, so does our need for chemical and manufacturing expertise.”