VCs Take Loss on Prestwick Pharma Sale

Biovail Corp. (NYSE: BVF) has acquired Prestwick Pharmaceuticals Inc., a Washington, D.C.-based drug company focused on CNS disorders, for $100 million in cash. Prestwick had raised around $120 million in total VC funding since 2002, from firms like Atlas Venture, Pequot Ventures, Scale Venture Partners, Sofinnova Ventures, Vivo Ventures and Warburg Pincus.

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