NeXstar Applies Balm From Gilead

Executive Summary

Gilead Sciences began with, and then got rid of, programs in antisense in order to concentrate on nearer-term projects. NeXstar, too, tried to get rid of its oligonucleotide research by spinning it off into a separate company so as not to drag down the earnings of its product business. The market didn't care--and NeXstar chose to sell when Gilead came calling. Now Gilead's come full circle: With its acquisition of NeXstar, it's back into oligonucleotide research.