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news.Novartis has acquired CoStim Pharmaceuticals, an immuno-oncology company developing monoclonal antibody drugs that enable a patient's own immune system to better fight cancer.
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Financial terms of the transaction are not disclosed. CoStim was founded in 2012 by MPM Capital managing director Luke Evnin together with MPM Capital operations managing director Robert Millman.
CoStim co-founder Robert Millman noted the company is thrilled that it is able to bring together compelling science with a world class team to build the premier biotech company developing a focused and highly attractive pipeline of antibody agents directed to costimulatory targets for the treatment of cancer.
"Clearly Novartis shares our vision to become leaders in the treatment of cancer with a pipeline of immune-oncology agents," Millman added.
Initial capital to found CoStim was provided by MPM Capital. Later, the company co-led the formal Series A investment in early 2013 with Atlas Venture. Johnson & Johnson Development and the Partners Innovation Fund were additional investors.
Robert Millman was initially president of CoStim and Luke Evnin became chairman of the board. Dr Dan Hicklin was selected as chief science officer and president.