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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.
"Despite our repeated communication of concerns over the last several years, Roche has not adequately demonstrated the requisite commitment to Tamiflu since its launch in the United States nearly six years ago, nor has it allocated the necessary resources to realize the potential of the product as a treatment and preventive for influenza," said John C. Martin, PhD, President and Chief Executive Officer, Gilead Sciences. "Gilead is taking this action in the interest of our shareholders and, importantly, because it is essential for public health that healthcare professionals and consumers have improved access to information about Tamiflu, as well as to the product itself."
Gilead Delivers Termination Notice to Roche for Tamiflu Development and Licensing Agreement
(3) Roche's failure to properly calculate and pay the royalties fairly owed to Gilead.
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