Thursday, November 16, 2006

Pharmion Acquires Cabrellis Pharmaceuticals

Boulder, Colorado-based Pharmion said late yesterday that it has acquired San Diego, California-based Cabrellis Pharmaceuticals, a company developing oncology drugs for the treatment of small cell lung cancer. The deal was worth $59M, along with two additional payments of $12.5M upon approval of the Cabrellis amrubicin product. Cabrellis is a venture-backed firm with investments from Domain Associates, Forward Ventures, Lilly Ventures, Novo A/S, ProQuest Investments, RBC Capital Partners, RiverVest Venture Partners, and S.R. One, Limited.