Biotech Startup May Rise Out of Icos Merger
The Seattle PI is reporting that a new startup may rise from out of Icos since Eli Lilly has reported they will get rid of all 700 of Icos’ employees.
Biotech startups may pop up in Icos’ wake
The article talks about Calistoga Pharmaceuticals (no website yet) a startup created with technology from Icos. The effort is being led by Michael Gallatin, a former VP and scientific director at Icos who is now part of a venture capital firm.
I hope this happens. I personally think the beginning of the end for biotech in Seatttle happened when Amgen bought Immunex. I do see some signs of hope such as my recent post on the deal between Genentech and Seattle Genetics. However, the article does say that this new startup would have significantly fewer than 700 employees so it still means people will not have jobs.
I’m hopeful for Seattle but I’m not holding my breath. There have been more negatives than positives in recent years regarding biotech and Seattle.
Technorati Tags: Calistoga Pharmaceuticals, Icos, pharmaceutical companies, pharmaceutical deals
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