Tuesday, February 22, 2011

Calistoga Pharmaceuticals Acquired For $375M

Seattle-based Calistoga Pharmaceuticals, a developer of medicines to treat cancer and inflammatory diseases, has been acquired by Gilead Sciences in a $375M deal. According to the two firms, they are in a definitive agreement where Gilead will pay $375M plus up to $225M in earn out depending on milestones. Calistoga is developing compounds which are being targeted at a variety of inflammatory and autoimmune diseases and hematological cancers. The firm was venture backed by Alta Partners, Amgen Ventures, Frazier Healthcare Ventures, Latterell Venture Partners, Lilly Bioventures, Quogue Capital, Three Arch Partners, and others.