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Gilead Sciences Inc., of Foster City, Calif., said it’s buying Calistoga Pharmaceuticals Inc. for $375 million.
The deal could be worth an additional $225 million to the privately held Seattle biotech if certain milestones are met, Gilead (NASDAQ: GILD) said.
Calistoga makes drugs that target diseases such as autoimmune diseases, hematological cancers, non-Hodgkin’s lymphoma and chronic lymphocytic leukemia.
“We are pleased to join Gilead as they share our vision that more targeted therapies have the potential to improve the lives of patients with cancer and inflammatory diseases,” said Carol Gallagher, Calistoga president and CEO, in a statement.
Last June, Calistoga Pharmaceuticals raised $40 million to advance its oral treatments for cancer and inflammatory diseases. The company was formed in 2007 after being spun off from former local biotech Icos Corp.