NEW YORK, Aug. 22 – Gilead Sciences is selling its 49 percent interest in oligonucleotides manufacturer Proligo to Degussa Corporation, which currently holds the remaining Proligo shares, the company announced on Wednesday.
The deal, expected to close on Aug. 31, is for $14 million in cash, according to Foster City, Calif.-based Gilead.
Proligo is a joint venture between Gilead and SKW Americas, a subsidiary of Parsippany, NJ-based Degussa. Proligo of Boulder, Colo. sells standard and specialty monomers for oligonucleotide synthesis and probes. Degussa was entitled to purchase Gilead’s interest in Proligo as part of the terms of Gilead’s 1998 merger with NeXstar Pharmaceuticals, which originally formed Proligo in a joint venture with SKW Americas.