Pharmaceutical corporation Novartis joins founder Apple Tree Partners in funding Tokai, developer of an anti-prostate cancer drug.
Tokai Pharmaceuticals, a US-based company that develops treatments for prostate cancer, secured $23m in series D financing on Tuesday, from investors including Novartis Venture Fund, the corporate venturing unit of Switzerland-based pharmaceutical company Novartis.
Novartis was joined in the round by another existing investor, the venture capital firm Apple Tree Partners, Apple Tree being the company behind Tokai’s launch in 2004. Both companies contributed to a prior series D round for Tokai, in May 2009, which raised $22m.
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