Gileam Pharmaceuticals said on Wednesday it was going to sell its stakes in ironwood Pharmaceuticals, a pharmaceutical company that focuses on the treatment of blood clotting disorders, including in people with cardiovascular diseases.
Ironwood was founded in 2015 by Michael D. Satterwhite, who left his position as CEO of Amgen and joined Gileads board in 2016.
The company is currently valued at $6 billion.
Satterwhite will also step down as chief executive of Amtron Inc. to take a job at Gileader.
Ironwood and Gileaders parent, AstraZeneca, also announced the planned sale.
“Ironwood has proven that it is able to take on challenges that the pharmaceutical industry has not been able to overcome in the past,” Gileades chairman and CEO, William L. Sargent, said in a statement.
“Our strategic partnership with Gileady will allow us to create a truly global health and healthcare company.
Gileading will also be able to offer its valuable expertise and expertise in developing novel treatments for some of the most difficult diseases and conditions.”
The company, which operates more than 500 hospitals worldwide, has more than $6.7 billion in annual sales.
Its stock was trading around $40 on Wednesday.