Nasdaq-listed drugs company Gilead Sciences has agreed to acquire Arresto Biosciences, a US-based cancer-fighting peer backed by medical device maker Abbott’s corporate venturing unit, for at least $225m.
The $225m excludes unspecified future performance fees, which in other healthcare acquisitions have made up between a third and half the total value. Arresto has raised an undisclosed amount from venture capital firms Kleiner Perkins Caufield & Byers, HealthCare Ventures, Northgate Capital and DAG Ventures as well as Abbott Biotech Ventures, which was launched last year.
According to news provider VentureWire, Arresto completed a Series A from Kleiner Perkins in May 2007 after spinning out from Stanford University.