Sideris Pharmaceuticals Inc., a Boston-based biopharmaceutical company, said Tuesday that it has successfully completed a $32 million Series A equity financing and that it has also entered an agreement with Novartis Pharmaceuticals, a Swiss company that runs its global research operations from Cambridge.
This investment was led by MPM Capital. Also participating in this financing were Hatteras Venture Partners and Osage University Partners, the company said in a press release.
Under the agreement with Novartis, the Swiss drug maker has been granted an exclusive right to acquire Sideris and its lead asset, a drug candidate dubbed SP-420. Including upfront, acquisition, and milestone payments, the agreement with Novartis could reach up to $300 million, Sideris said.
Sideris seeks to develop therapeutics for the treatment of transfusion-related iron overload.
The drug candidate SP-420 has the potential to treat that condition.
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