Gilead Buys Arresto for $225M
Gilead Sciences (NASDAQ: GILD), the Foster City, CA-based biotech company, said today it has agreed to acquire Palo Alto, CA-based Arresto Biosciences for $225 million plus future milestone payments based on product sale levels. Arresto’s lead drug candidate is an antibody for idiopathic pulmonary fibrosis, a lung disease that Gilead has been studying with its own drug, ambrisentan (Letairis). The Arresto treatment, AB004, is being studied in the first phase of clinical trials for pulmonary fibrosis, and cancer. Arresto was backed by Kleiner Perkins Caufield & Byers, HealthCare Ventures, Northgate Capital, DAG Ventures, and Abbott Biotech Ventures.