Corus Pharma sold for $365 million

Corus Pharma, a privately held Seattle biotech company developing an inhalable drug for cystic fibrosis, has agreed to be sold to Gilead Sciences of Foster City, Calif. for $365 million.

Gilead, a company with well-known AIDS drugs and a market capitalization of $28 billion, made the announcement today after financial markets closed. Gilead said it agreed to pay an undisclosed sum to Novartis AG to drop a trade secrets lawsuit against Corus, which had just gone to trial in King County Superior Court this month.

In April, in connection with a $25 million equity investment in Corus, Gilead secured an option to buy all of the company. Gilead said it expects the deal to receive clearance from federal regulators and be finalized in the third quarter of 2006.