Covagen, which is developing treatments for cancer and inflammatory diseases, has been acquired for an undisclosed sum, granting exits to Novartis and Seroba Kernel.

Cilag, a Switzerland-based subsidiary of pharmaceutical company Johnson & Johnson, acquired Switzerland-based biopharmaceutical company Covagen on Monday for an undisclosed amount.

Covagen had raised more than $90m in venture funding since it was founded in 2007, including $50m from a series B round backed by pharmaceutical companies Novartis and Seroba Kernel along with Baxter Ventures, Gimv, Ascent Biomedical Ventures, Ventech, MPH and Edmund de Rothschild Venture Capital, which closed in February this year.

Novartis had been an investor in Covagen…