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 beyond checkpoint inhibitors and bringing new therapies to cancer patients.
Under the agreement, Surface is eligible for $170M in upfront, near-term milestone and equity payments, plus clinical and commercial milestones and double digit royalties, while Novartis gains exclusive access to four of Surface’s first-in-class cancer immunotherapies, including an exclusive worldwide license for one of its leading programs and options to license up to three programs. Surface has the option to co‐develop and retain 100% of U.S. commercialization rights for half of the partnership programs, as well as the opportunity to build value as we pursue new programs outside of the collaboration.
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, Novartis Institutes for BioMedical Research, and Elliott Sigal, MD, former head of R&D at Bristol-Myers Squibb.