Euthymics Bioscience, a US-based developer of antidepressants, raises $24m from Novartis and venture capital firms to acquire DOV and develop drugs.

Novartis Venture Funds, the corporate venturing division of Switzerland-based drugs company Novartis, has co-led a $24m series A round for Euthymics Bioscience, a US-based developer of antidepressants.

Part of the funding, $2m, will be used to buy DOV Pharmaceutical and take on its drugs in development.

Campbell Murray, managing director of Novartis Venture Funds, and who will serve as Euthymics’ chairman, said: "The antidepressant prescription market is among the largest, with an excess of 200 million prescriptions dispensed annually in…