In January 2016, Surface entered into a broad strategic collaboration with Novartis to advance our next-generation cancer immunotherapies. The collaboration reflects our shared commitment to developing immunotherapies focused on the tumor microvenvironment and bringing new therapies to cancer patients.
Under the agreement, Novartis currently has access to up to three of Surface’s cancer immunotherapies, including an exclusive worldwide license to our fully human CD73 antibody, SRF373, and options to license up to two additional programs. Surface has received an upfront payment of $70M from Novartis and is entitled to potential option purchase, option exercise and development and sales milestones which could amount to $1.17 billion as well as tiered royalties.
Surface Oncology is backed by world-class life science investors, including Atlas Venture, which initially seeded the company in 2014, F-Prime Capital Partners, Lilly Ventures, and New Enterprise Associates. Also joining the Series A were Amgen Ventures and Novartis Institutes for BioMedical Research.