Biopharmaceutical company Gilead Sciences Inc (Nasdaq:GILD) announced on Tuesday its acquisition of San Diego-based biotech company XinThera.

This acquisition adds to Gilead's existing clinical development priorities in oncology and inflammation, by providing a portfolio of small molecule inhibitors targeting PARP1 for oncology and MK2 for inflammatory diseases. Both programs have the potential to address multiple indications, and could enter clinical trials later this year.

Financial terms of the deal were not disclosed.

"The team at XinThera has developed research assets with the potential to target the DNA damage repair pathway in treating cancer and direct the body's immune response in inflammatory diseases, both of which may improve outcomes for people living with these diseases," commented Flavius Martin, M.D., executive vice president of Research at Gilead Sciences. "Guided by our scientific framework, this acquisition will allow us to further expand our early pipeline of diverse assets that will continue to fuel our durable late-phase portfolio."

The transaction with XinThera is expected to reduce Gilead's GAAP and non-GAAP 2023 EPS by approximately USD0.12 to USD0.15.