Pharmion Buys Cabrellis

Pharmion Corp. (Nasdaq: PHRM) has acquired Cabrellis Pharmaceuticals, a San Diego-based oncology company that is in Phase 2 development of a third-generation synthetic anthracycline for small-cell lung cancer. The deal includes an initial cash payment of $59 million, plus the possibility of two regulatory-based milestone payments of $12.5 million each. Cabrellis raised $27.5 million in Series A funding earlier this year from Domain Associates, Forward Ventures, Lilly Ventures, ProQuest Investments, RBC Capital Partners, RiverVest Venture Partners and SR One Ltd.