Gilead Sciences (Foster City, CA) (GILD) Delivers Termination Notice To Roche (RHHBY) For Tamiflu Development And Licensing Agreement
10/19/2005 5:09:20 PM
FOSTER CITY, Calif.--(BUSINESS WIRE)--June 23, 2005--Gilead Sciences, Inc. (Nasdaq:GILD) today announced that it has delivered a notice of termination to F. Hoffmann-La Roche Ltd (Roche) for material breach of the parties' 1996 Development and License Agreement for Tamiflu(R) (oseltamivir phosphate), an antiviral pill for the treatment and prevention of influenza. Through this action, Gilead is seeking to terminate the 1996 agreement, which would result in the rights to Tamiflu held by Roche reverting to Gilead.
Tamiflu is the only antiviral pill that has demonstrated activity against the most common strains of the virus and is approved for both the treatment and prevention of influenza infection. Ensuring that Tamiflu is made as widely available as possible is necessary for the protection of public health. Gilead intends to provide physicians, public health officials and consumers with greater access to and information about Tamiflu.