Gilead Sciences (NASDAQ: GILD) acquires privately-held bio-tech firm Calistoga Pharmaceuticals for $ 375 million. Calistoga stands to earn an additional $ 225 million if certain milestones are achieved. Gilead will consummate the transaction with cash on hand.
Gilead will pick up a stable of cancer fighting compounds, including Calistoga's lead product candidate, CAL-101, a "first-in-class specific inhibitor of the PI3K delta isoform. PI3K delta is preferentially expressed in leukocytes involved in a variety of inflammatory and autoimmune diseases and hematological cancers. CAL-101 is currently in Phase II studies as a single agent in patients with refractory indolent non-Hodgkin's lymphoma (iNHL) and in combination with rituximab in treatment-naïve elderly patients with chronic lymphocytic leukemia (CLL). In addition to CAL-101, Calistoga Pharmaceuticals' product development pipeline includes other selective PI3K inhibitors that are in preclinical development, and may have application in both oncology and inflammatory diseases."
Advisors to the transaction:
"Calistoga Pharmaceuticals' exclusive financial advisor for the transaction was J.P. Morgan Securities LLC while Wilson Sonsini Goodrich & Rosati, P.C. was its legal advisor."
The full press release is: here
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