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FOSTER CITY, Calif. — Drug maker Gilead Sciences plans to buy out a privately owned Seattle company that makes treatments for cancer and inflammatory diseases, Gilead said Tuesday.
The Foster City, Calif.-based company will buy Calistoga Pharmaceuticals for $375 million, plus additional milestone payments of up to $225 million.
Calistoga is currently developing CAL-101, which is in phase-2 studies, as a treatment for leukemia and non-Hodgkin’s lymphoma. The company specializes in drugs that target PI3K, an enzyme pathway that helps control the reproduction, survival and activity of cells.