66.94 0.00 (0.00%)
After hours: 4:59PM EDT
|Bid||66.92 x 800|
|Ask||67.00 x 4000|
|Day's Range||66.50 - 68.20|
|52 Week Range||60.32 - 79.61|
|Beta (3Y Monthly)||1.15|
|PE Ratio (TTM)||14.77|
|Earnings Date||Jul 30, 2019|
|Forward Dividend & Yield||2.52 (3.80%)|
|1y Target Est||80.19|
Gilead Sciences, Inc. (GILD) announced today that its second quarter 2019 financial results will be released on Tuesday, July 30, after the market closes. At 4:30 p.m. Eastern Time, Gilead’s management will host a conference call to discuss the company’s financial results for the second quarter 2019 and provide a business update. Alternatively, please call 877-359-9508 (U.S.) or 224-357-2393 (international) and dial the conference ID 8696029 to access the call.
(Bloomberg) -- A deal-making cancer doctor who sold his pharmaceutical company for almost $12 billion is launching a real estate venture to bolster the growth of the biotechnology industry.Arie Belldegrun’s family office, Bellco Capital, has entered into a joint venture with New York-based real estate developer Tishman Speyer to start Breakthrough Properties, the companies said Tuesday in a statement. The venture said it bought its first property, a 1-acre (0.4 hectare) development site in Boston’s Seaport District, for $80 million, and is exploring other acquisitions in the area as well as in San Francisco.“This came out of necessity,” Belldegrun said in a telephone interview. “I realized that there’s a significant need for an ecosystem in life sciences where scientists can work and interact.”Belldegrun, 69, is a UCLA-based cancer researcher and surgeon who’s emerged as a serial entrepreneur and venture capitalist. He sold Kite Pharma, which develops genetically engineered cancer treatments, in 2017 to Gilead Sciences Inc. for $11.9 billion and since then has helped launch Vida Ventures to start more pharma companies.Boston SiteBreakthrough Properties will provide various business development services to help tenants grow, Belldegrun said. Vida Ventures, his venture capital arm, may also take stakes in the biotech firms. The Seaport District site comes with 250,000 square feet (23,200 square meters) of development rights and is expected to be finished by 2021, according to the statement.Breakthrough’s chief executive officer is Belldegrun’s son Dan, who worked for Tishman Speyer for several years. Belldegrun’s wife, Rebecka, who is also a doctor, manages Bellco Capital, the family office formed in 2003.The venture -- a foray into life-sciences development for Tishman Speyer -- will face competition from companies such as Alexandria Real Estate Equities Inc., which built its business around catering to biotech tenants. About a quarter of Alexandria’s 250 properties are in the Boston area, while the remainder are spread across U.S. cities including San Francisco, New York and San Diego.Breakthrough has its sights set on some of those cities and ultimately has plans to expand globally, according to Tishman Speyer CEO Rob Speyer.“The last thing a life-sciences company should be worrying about is real estate, and we can take that concern off the table for them,” Speyer said in an interview. “We’re going to focus on strategic cities that have biotech companies, leading universities and quality housing options.”Tishman Speyer, whose properties include New York’s Rockefeller Center, last year sold a 13-story building in Boston’s burgeoning Seaport District for $450 million, setting a record for an office transaction in the city.(Adds potential for competition with Alexandria in seventh paragraph.)To contact the reporters on this story: Michael McDonald in Boston at firstname.lastname@example.org;Lily Katz in New York at email@example.comTo contact the editors responsible for this story: Alan Mirabella at firstname.lastname@example.org, Josh Friedman, Christine MaurusFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Kite, a Gilead Company , today announced plans for a new 67,000-square-foot facility in Oceanside, California, dedicated to the development and manufacturing of viral vectors, a critical starting material in the production of cell therapies.
Moody's Investors Service commented that Gilead Sciences, Inc.'s new research and development collaboration with Galapagos NV is credit positive for Gilead. There are no changes to Gilead's A3 existing senior unsecured rating or stable rating outlook. For additional information please refer to Moody's issuer comment on Gilead available on www.moodys.com.
There will be a bundle of earnings reports that start to roll out this week. On Monday morning we had a few, but it's about to get busy in the second half of July. Given how much is set to come out over the next few weeks, it was a relatively quiet day on Wall Street Monday. We saw an 0.17% gain in the Nasdaq today, followed by slight gains for the S&P 500 and Dow Jones.Source: Shutterstock InvestorPlace - Stock Market News, Stock Advice & Trading TipsThat said, there's a lot individual news to dig through. Bitcoin, Libra and CryptoThe bitcoin market has been wildly volatile lately, hasn't it? Bitcoin prices ran from $5,500 at the start of May to more than $8,700 by June 1st. Just a few weeks later it was north of $13,000. It topped out around $13,600, before it promptly fell to just under $10,000. Crypto bulls said it was an opportunity. Bears argued it was a blowoff top and it was coming back down. Another run to $13,000 earlier this month was again met with sellers as bitcoin prices dropped back down to $10,000. * 7 Dependable Dividend Stocks to Buy I'll stop the onslaught of price history, but it's sort of necessary for an asset like bitcoin. Put simply, this thing is volatile. Perhaps we're entering a range-bound trade, between $10,000 and $13,000. At the very least, traders now have a few lines in the sand, where a move above resistance or below support could spell a further move in that direction. The advances in bitcoin have helped give a boost to Facebook (NASDAQ:FB) stock, even as it's drawn the ire of regulators for its Libra cryptocurrency. Congress has asked Facebook to hold off on Libra until it knows more. It's drawn comments from the president, while U.S. Treasury Secretary Steven Mnuchin said the Treasury has serious concerns over Libra.For its part, Facebook -- which will reportedly settle with the FTC for $5 billion -- said it will wait until it has regulatory support before launching. Heard at the Nasdaq TodayShares of Gilead Sciences (NASDAQ:GILD) were on the move Monday, rising 2.7% and closing at $68.07. It will invest $5.1 billion in Galapagos (NASDAQ:GLPG), increasing its stake in the company from 12.2% to 22%. Galapagos will now see if shareholders approve an eventual stake increase to 29.9%. Given today's action, it's hard to see shareholders saying no, with GLPG stock rising more than 17% to new highs. Further, Gilead Sciences stock was upgraded to outperform at Wells Fargo. The analysts assigned an $88 price target, implying about 30% upside from current levels and signaling new 52-week highs should GILD stock get there. OK, so what's going on with Broadcom (NASDAQ:AVGO) and Symantec (NASDAQ:SYMC)? Broadcom was reportedly in talks to acquire SYMC. However, on Monday, shares of Symantec abruptly tumbled lower, falling over 10% on news that AVGO is no longer in talks to buy the company. However, the stock recovered off its initial lows -- and actually closed at session highs -- while AVGO stock rallied almost 3% on the news, before ending higher by just 1%. New reports say that Broadcom isn't walking away from the deal just yet. So what gives? This is just typical M&A drama. I don't know if Broadcom will pull the trigger for SYMC. Maybe the latter wanted even more money. Perhaps the terms weren't right. Either way, the market seems happy for AVGO to walk away, if that should be a sign of anything. Broadcom stock has been under pressure since the buyout news surfaced and rallied when it looked like the deal was off. Movers in the Nasdaq Today Click to EnlargeAlphabet's (NASDAQ:GOOGL, NASDAQ:GOOG) Google, as well as several social media sites have fallen under criticism that they display a political bias. Google's vice president of government affairs Karan Bhatia wrote an op-ed stating that the company does not have a bias and stated he will tell U.S. Senators that is the case as well. Social media is playing an enormous role in the distribution of political news, both real and fake. It's created a frenzy of both misinformation and information overload, drawing criticism from both political parties. No matter which side of the aisle readers stand on, they should be reading factually correct information, although tech companies haven't seemed to find a very good way to govern it thus far. Tesla (NASDAQ:TSLA) stock is hitting its highest levels since May, rising 3.4% on Monday on above-average volume. The stock is now running into prior support though, which acted as resistance a few months ago. The stock has to reclaim this area to really get the bullish train moving. Amazon's (NASDAQ:AMZN) much-awaited Prime Day is finally here, with sales going strong on Monday and Tuesday. The e-commerce retailer will pull in billions in revenue from the event and is drawing in competition from seemingly every online retailer (seriously, have you checked your inbox lately?) * 5 EV Stocks to Buy for Big Gains Over the Next Decade Target (NYSE:TGT), Costco (NASDAQ:COST), Home Depot (NYSE:HD) -- three strong retailers by the way -- have been hitting it hard, as has Walmart (NYSE:WMT), Best Buy (NYSE:BBY) and others. With a strong labor market, I would expect Amazon's Prime Day numbers to be solid this year. Bret Kenwell is the manager and author of Future Blue Chips and is on Twitter @BretKenwell. As of this writing, Bret Kenwell is long AVGO, GOOGL and AMZN. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 7 Dependable Dividend Stocks to Buy * 10 Stocks Driving the Market to All-Time Highs (And Why) * 7 Short Squeeze Stocks With Big Upside Potential The post Nasdaq Today: Bitcoin & Libra; Whatas Broadcom Doing? appeared first on InvestorPlace.
Gilead is one of the biggest biotech companies. But recent news and earnings have been mixed. So, is Gilead stock a buy right now? Read on for a full analysis.
Galapagos stock rocketed to an all-time high Monday on a deeper $5.05 billion research and development deal with giant biotech company Gilead Sciences. Gilead stock also gained on the news.
A Galapagos deal with Gilead has GLPG stock heading higher on Monday.Source: Shutterstock As part of a larger deal with Galapagos (NASDAQ:GLPG), Gilead (NASDAQ:GILD) will be purchasing a stake in the company. This will have it acquiring new shares of GLPG stock for €140.59 each. This represents a 20% premium over the stock's 30-day, volume-weighted average price.The Galapagos deal will have Gilead increasing its stake in the company by a fair amount. This will have its ownership of GLPG stock increasing from 12.3% to 22%. Galapagos is also seeking approval from shareholders to allow for two warrants to Gilead. This will let it increase its stake in the company to 29.9%.InvestorPlace - Stock Market News, Stock Advice & Trading TipsThis Galapagos deal doesn't just stop with an investment from Gilead. It will also have the two companies working together. This includes a $3.95 billion payment from Gilead that will allow the company to work more on its research and development programs.The Galapagos deal will make it so that Gilead gains exclusive access to the results of research. That will include "exclusive product license and option rights to develop and commercialize all current and future programs in all countries outside Europe." * 7 Dependable Dividend Stocks to Buy There's also the option for additional payments if things go well for Galapagos. For example, Gilead is willing to pay an additional $325 million to the company if GLPG1690 gets approval in the U.S. It will also have the ability to pay a $250 million fee to license the compound for use in the U.S.GLPG stock was up 17% and GILD was up 2% as of Monday afternoon. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 7 Dependable Dividend Stocks to Buy * 10 Stocks Driving the Market to All-Time Highs (And Why) * 7 Short Squeeze Stocks With Big Upside Potential As of this writing, William White did not hold a position in any of the aforementioned securities.The post Galapagos Deal: GLPG Stock Rockets Higher on Gilead Stake appeared first on InvestorPlace.
Shares of Gilead Sciences are jumping higher on its increased investment in Galapagos and a new outperform rating from Wells Fargo.
(Bloomberg Opinion) -- Gilead Sciences Inc.’s new CEO Daniel O'Day is trying to replicate the successful playbook of his former employer Roche Holding AG, the Swiss pharma giant he worked at for more than 30 years. On Sunday, Gilead announced that it would invest $5.1 billion to deepen an existing relationship with Belgian biotechnology firm Galapagos NV. O'Day isn't just committing to Galapagos – he’s committing to the idea of research partnerships that stop short of outright M&A. The deal includes a 10-year standstill agreement that restricts Gilead's ability to acquire the company. O'Day thinks that leaving Galapagos independent will keep it innovative, a bet that paid off for Roche and its productive long-term partnerships with Genentech and Chugai Pharmaceutical Co. That nebulous benefit will have to come through in a big way to justify the price and structure of this deal. Gilead is paying $3.4 billion upfront to gain rights to six drugs in clinical trials and access to a suite of earlier-stage programs. It is also making a $1.1 billion equity investment in Galapagos.The total outlay is a scant $2 billion less than the market cap of Galapagos before the deal was announced, and is above what the company was worth as recently as March. On top of that, Gilead already owned 12 percent of Galapagos and rights to potential blockbuster arthritis drug filgotinib from a $725 million deal completed in 2015. O'Day also isn't done paying up. He will have to shell out more cash to opt in to future programs and for development costs. Gilead will also pay a significant sales royalty if any drugs are approved. And Galapagos will retain European rights for most of its medicines. The potential return of this deal is lower than an outright acquisition, and Gilead didn't seem to get much of a discount. It’s giving up a lot to limit its risk and test the abstract notion that partnerships are superior. The company's late-stage pipeline is sparse, and it is too reliant on its HIV franchise. It’s not in a position to leave upside on the table. There’s a chance that the deal could work out. Gilead’s only has to pay $150 million to gain exposure to programs that are currently in early stages; that could wind up being a relative steal at some point in the next decade. Investors may feel a twinge with every opt-in and royalty check, however. Gilead had chances during the past few years to acquire Galapagos at a lower price than what it’s paying for the partnership now. That feels like a missed opportunity, and may seem even more so if its pipeline and R&D platform turn out to be as strong as O’Day seems to think they are.To contact the author of this story: Max Nisen at email@example.comTo contact the editor responsible for this story: Beth Williams at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Max Nisen is a Bloomberg Opinion columnist covering biotech, pharma and health care. He previously wrote about management and corporate strategy for Quartz and Business Insider.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
Gilead said it will make a $3.95-billion upfront payment and $1.1-billion equity investment in the Belgian pharmaceutical company, according to a Sunday press release. Galapagos intends to use the proceeds to expand its research and development programs. As part of a 10-year global research and development collaboration; Gilead will have access to a portfolio of compounds, including six molecules in clinical trials, more than 20 preclinical programs and a drug discovery platform. Galapagos shares were trading higher by 16.34% at $169.56 at the time of publication.
Daniel O'Day watched as Roche, where he was a top executive, took a piece of Genentech, then ultimately bought the South San Francisco company. Now as the chairman and CEO of Foster City-based Gilead Sciences, a deal with a Belgian biotech feels similar.
Shares of the European drugmaker Galapagos are soaring after (GILD) said over the weekend that it would spend $5 billion on a collaboration agreement with the firm. Instead of embarking on a pharmaceutical megamerger, of the sort Barron’s has argued against, Daniel O’Day, Gilead’s new CEO, signed a 10-year deal with longtime collaborator Galapagos (ticker: GLPG) to boost his company’s pipeline of potential treatments. “I firmly believe [in] the concept that we’ve come up with, the concept of enabling Galapagos with a significant capital infusion for them to further invest in that research and at the same time keeping their independence as a premier European biotech company that allows them to recruit the very best talent, make their own decision and progress programs according to their judgment,” O’Day said on a conference call about the deal.
(Bloomberg) -- Machine-learning technology has beaten humans at games of chess and Go to worldwide fanfare. A demonstration of its eerily lifelike prowess in making phone calls to unsuspecting people went viral.But a less-noticed win for DeepMind, the artificial-intelligence arm of Google’s parent Alphabet Inc., at a biennial biology conference could upend how drugmakers find and develop new medicines. It could also dial up pressure on the world’s largest pharmaceutical companies to prepare for a technological arms race. Already, a new breed of upstarts are jumping into the fray.In December, at the CASP13 meeting in Riviera Maya, Mexico, DeepMind beat seasoned biologists at predicting the shapes of proteins, the basic building blocks of disease. The seemingly esoteric pursuit has serious implications: A tool that can accurately model protein structures could speed up the development of new drugs. “Absolutely stunning,” tweeted one scientist after the raw results were posted online. “It was a total surprise,” said conference founder John Moult, a University of Maryland computational biologist. “Compared to the history of what we had been able to do, it was pretty spectacular.” Sorting out the structure of proteins in order to find ways for medicines to attack disease is an enormously complex problem. Researchers still don’t fully understand the rules for how proteins are built. And then there’s the math: There are more possible protein shapes than there are atoms in the universe, making prediction a herculean undertaking of computation. For a quarter century, computational biologists have labored to devise software equal to the task.Enter DeepMind. With limited experience in protein folding — the physical process by which a protein acquires its three-dimensional shape — but armed with the latest neural-network algorithms, DeepMind did more than what 50 top labs from around the world could accomplish. Excitement rippled around the Mayan-themed resort where the meeting was held. Two DeepMind presenters were peppered with questions from scientists about how they had done it. Within hours, the British newspaper The Guardian said DeepMind’s AI could “usher in new era of medical progress.” In a blog post, the company bragged that its protein models were “far more accurate than any that have come before,” opening up “new potential within drug discovery.”In an email, DeepMind said its scientists were “fully focused on their research” and not available for interviews. DeepMind’s simulation doesn’t yet produce the kind of atomic-level resolution that is important for drug discovery. And though many companies are looking for ways to use computers to identify new medications, few machine-learning-based drugs have progressed to the point of being tested in humans. It will be years before anyone knows whether such software can regularly spot promising therapies that researchers might otherwise have missed.Artificial intelligence is a chic catchphrase in health care, often trotted out as a cure-all for whatever ails the industry. It has been held up as a potential solution to fix cumbersome electronic medical records, speed up diagnosis and make surgery more precise. DeepMind’s victory points to a possible practical application for the technology in one of the most expensive and failure-prone parts of the pharmaceutical business. Some observers said that the fact that a team of outsiders could make such significant progress in untangling one of the most vexing problems of biology is a black eye for researchers in the field. It could also be a portent for the drug industry, which spends billions on research and development, but was beaten to the punch. Mohammed AlQuraishi, a Harvard computational biology researcher who attended the conference, wrote in a blog post that giant pharmaceutical companies haven’t put a serious effort into protein folding, essentially ceding the ground to tech companies. While drug companies dithered, “Alphabet swoops in and sets up camp right in their backyard,” he wrote.Finding new drugs and bringing them to market is notoriously difficult. According to some estimates, big drugmakers spend more than $2.5 billion to get a new medicine to patients. Just one of every 10 therapies that enters human clinical trials makes it to the pharmacy. And science moves slowly: In the nearly 20 years since the human genome was sequenced, researchers have found treatments for a tiny fraction of the approximately 7,000 known rare diseases.Further, there are approximately 20,000 genes that can malfunction in at least 100,000 ways, and millions of possible interactions between the resultant proteins. It’s impossible for drug hunters to probe all of those combinations by hand.“If we want to understand the other 97 percent of human biology, we will have to acknowledge it is too complex for humans,” said Chris Gibson, the co-founder and Chief Executive Officer of Recursion Pharmaceuticals, a Salt Lake City-based startup that uses machine learning to hunt for new therapies.Companies like Recursion are rapidly luring investors. Venture capitalists poured $1.08 billion into AI and machine-learning startups focused on drug discovery last year, according to data provider PitchBook, up from just $237 million in 2016, and have already put in $699 million more so far this year. Recursion raised $121 million in its latest financing round, the company said on Monday, from investors including Intermountain Ventures and the Regents of the University of Minnesota. It has a valuation of $646 million, according to PitchBook. “It is a very ambitious company. They are thinking in terms of radically changing the industry,” said Marina Record, an investment manager at Baillie Gifford & Co. in Scotland, which led the funding round.Established drugmakers are racing to ally with companies doing similar work.In April, Gilead Sciences Inc. agreed to a deal with Insitro, a startup led by the former Stanford University machine-learning expert Daphne Koller, to find ways to treat liver disease NASH. AstraZeneca Plc the same month linked up with U.K.-based BenevolentAI to identify treatments for kidney disease and lung fibrosis. In June, GlaxoSmithKline Plc partnered with gene-editing pioneers at the University of California in a $67 million target-hunting collaboration that will use AI.“Where else would you accept a 1-in-10 success rate?” said GlaxoSmithKline senior vice president Tony Wood, who heads medicinal science and technology for the British pharmaceutical giant. “If we could double that to 20% it would be phenomenal.” Machine-learning methods “are going to be critical” to drug discovery, said Juan Alvarez, an associate vice president for computational chemistry at Merck & Co. The giant drugmaker is developing AI tools to help its chemists accelerate the laborious process of crafting chemicals to block aberrant proteins. Early machine-learning efforts have already contributed to drugs in human testing, while the first drugs based on more advanced neural-network methods could hit trials in several years, Alvarez said.Artificial intelligence could be used to scan millions of high-resolution cellular images—more than humans could ever process on their own—to identify therapies that could make diseased cells healthier in unexpected ways.At Recursion, one of the earliest startups to use such methods, each week robots apply thousands of potential drugs to various types of diseased cells, in 400,000 to 500,000 miniature experiments that generate 5 to 10 million cellular images. Machine-learning algorithms then scan the images, searching for compounds that disrupt disease without harming healthy cells. The initial algorithms were coded by hand to interpret basic cellular features, but Recursion is increasingly using neural-network methods that directly interpret the images and may spot patterns human programmers wouldn't have looked for. Computer scientists work in tandem with biologists in the laboratory to refine the leads. The company, which has agreed to rare-disease deals with Takeda Pharmaceutical Co. Ltd. and Sanofi, generated more than 2.5 petabytes of data in the past few years, a total that exceeds roughly the bandwidth of all Hollywood feature films. What the company is doing “just wasn't feasible six, or seven, or eight years ago,” said Gibson, its founder. Gibson first turned to machine learning as a graduate student at the University of Utah searching for treatments for cerebral cavernous malformation, which causes abnormal clumps of leaky blood vessels in the brain. The disorder affects about 1 in 500 people, according to the Angioma Alliance, and while often silent, can lead to seizures, speech or vision difficulties, and devastating brain hemorrhages. About a quarter of patients have a genetic form of the illness that is more likely to cause multiple malformations. Even though the three genes that cause it are known, there are no pharmaceutical treatments. One drug Gibson tested at the University of Utah based on the prevailing understanding of the disease made its symptoms worse in animals.Frustrated, Gibson and his colleagues used open-source machine-learning software for scanning cellular images to probe the effects of 2,100 compounds, searching for ones that improved the appearance and function of blood vessel cells that carried the bad genes. The algorithms pointed to an unexpected chemical that reduced leaky blood vessels in animal tests by 50 percent. That drug, set to enter second-stage human trials next year, led to the founding of Recursion.Other parts of Alphabet, as well as the AI research unit of social-media giant Facebook Inc., which quietly released a paper using deep learning to analyze 250 million protein sequences in April, are creeping into pharmaceutical-company turf. This spring, AI researchers at Google unveiled a neural network that can predict the function of a protein from its sequence of amino acids, which can help biologists understand what a newly discovered protein does. AI proponents say that nobody is talking about taking human researchers out of the equation. The goal is “augmenting and enhancing the decision-making capacity of scientists,” said Jackie Hunter, a former GlaxoSmithKline research executive who now leads clinical programs at BenevolentAI. In the short run, it’s more likely that AI-based simulations will be used to game out whether prospective drugs will be effective before going to a full-on clinical trial.An aerospace company “won’t build and fly a plane without building it on the computer first and simulating it under many conditions,” said Colin Hill of GNS Healthcare, a startup using AI to model disease, whose investors include Amgen Inc. In the future, drugmakers won’t begin clinical trials without a virtual dry run, Hill said.Still, the surprise that unfolded in Mexico has increased the tempo. DeepMind “basically beat everyone by a sizeable margin” said AlQuraishi, the Harvard researcher. If drugmakers don’t take the threat seriously, he said, they could be left in the dust. To contact the author of this story: Robert Langreth in New York at email@example.comTo contact the editor responsible for this story: Drew Armstrong at firstname.lastname@example.org, Timothy AnnettFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Gilead Makes Galapagos Move AIDS and hepatitis C giant Gilead (NASDAQ:GILD) is making another move on Galapagos NV (NASDAQ:GLPG) to gain rights outside Europe for certain treatments. Gilead agreed to pay nearly $4 billion plus another $1.1 billion in shares at $158.49 per share, increasing its stake in the company to 22% from 12.3%. The […]The post Market Morning: Gilead Moves On Galapagos, Hong Kong Keeps Fighting, Trump Tweets appeared first on Market Exclusive.
Gilead Sciences said Monday that it will boost its stake in Belgian listed biotech Galapagos NV by more than $5 billion in a "transformative" deal that could tap new opportunities for the California-based group in fibrosis and arthritis.