Canadian biotech Northern Biologics has signed a “transformative” merger deal with Spain’s Mosaic Biomedicals as the new player looks to become a global cancer company, eyeing 2017 in-human testing for its lead candidate.
The early-stage, newly formed company gains more money, Big Biotech backing and a new exec. On the money side, investment firm Versant Ventures has expanded its Series A to Northern Biologics, while Celgene has also exercised an option to buy into certain rights to its lead MSC-1 cancer med program under a deal it already had with Northern Biologics.
Given these boosts, Northern Biologics “has full funding for the early clinical development of MSC-1, in addition to its preclinical portfolio of therapeutic antibodies,” according to a press release.
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