Gilead set to acquire Arresto for $225 million
pharmafile | December 23, 2010 | News story | Research and Development | AB0024, Arresto, Cancer, Gilead, advanced solid tumours, ambrisentan, fibrotic diseases, idiopathic pulmonary fibrosis
Gilead Sciences is set to acquire fellow California, US-based biotech Arresto for $225 million to bolster its early stage pipeline.
Arresto develops medicines that target enzymes involved in the synthesis of the extracellular matrix, and these appear to play a role in the cause of a variety of fibrotic diseases and cancer.
Norbert Bischofberger, Gilead’s executive VP of research and development and chief scientific officer, said: “Arresto’s research and development expertise is well aligned with Gilead’s areas of focus, including our ongoing clinical programme for ambrisentan in IPF.
“We look forward to working with the team from Arresto to advance the development of novel therapies for serious fibrotic diseases and explore their potential for the treatment of tumours.”
The company’s lead product is AB0024, a humanised monoclonal antibody targeting the human lysyl oxidase-like-2 (LOXL2) protein.
The company recently initiated a phase I study evaluating the drug in patients with idiopathic pulmonary fibrosis – an early stage trial of AB0024 in patients with advanced solid tumours is also ongoing.
Peter Van Vlasselaer, Arresto’s president and chief executive, said: “Gilead shares Arresto’s vision of bringing innovative new therapeutic options to patients with unmet medical needs.
“Arresto was founded based on the promise of selective antibody therapies and I am confident the combined resources of our companies best position us to build upon our early scientific results.”
Gilead will pay $225 million for Arresto and make potential future payments based on achievement of certain sales levels in a deal that is expected to close early next year.
Ben Adams
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