The deal also marks the first exit for the $35m Partners Innovation Fund, a corporate and academic research venturing unit of Partners HealthCare System, a US-based hospital and physicians group covering Brigham and Women's Hospital, Massachusetts General Hospital, and McLean Hospital.
Novartis, A Switzerland-based drugs company, has acquired for an undisclosed price US-based CoStim Pharmaceuticals from a consortium including corporate venturing unit Johnson & Johnson Development Capital and the first exit for Partners Healthcare’s venture fund.
CoStim, which is developing cancer treatments known as immunotherapy after work in four academic labs in the Boston region, was acquired within 12 months of its $10m series A round providing “significant, above-top-decile return,” according to one investor.
Luke Evnin and Robert Millman, venture capitalists…
