By Colin Kellaher

Gilead Sciences on Tuesday said it is bolstering its early pipeline in oncology and inflammation through the acquisition of privately held biotech company XinThera.

Foster City, Calif., biopharmaceutical company Gilead didn't disclose terms of the acquisition, but said it expected the deal to reduce earnings this year by 12 cents to 15 cents a share.

Gilead said it is gaining the rights to a portfolio of small molecule inhibitors targeting the PARP1 enzyme for oncology and the MK2 enzyme for inflammatory diseases that could enter clinical trials later this year.

Gilead said both programs have the potential to address multiple indications, offering development opportunities alone and in combination with its current portfolio.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

May 09, 2023 08:59 ET (12:59 GMT)

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