Novartis agreed takeover of CoStim Pharmaceuticals

Novartis has agreed a deal acquire CoStim Pharmaceuticals, a privately-held biotechnology company focused on harnessing the immune system to eliminate immune-blocking signals from cancer.

The takeover will help to broaden Novartis' cancer immunotherapy research efforts, adding late discovery-stage immunotherapy programmes directed to several targets to its developmental pipeline.

It is thought that medicines of this kind can benefit patients by circumventing cancer's ability to develop resistance against current single drugs using a targeted immune response. This field of cancer research is becoming increasingly important in the ongoing fight against the disease.

Dr Mark Fishman, president of the Novartis Institutes for BioMedical Research, said: "Therapy for many types of cancers are expected to increasingly rely upon rational combinations of agents. Immunotherapy agents provide additional arrows in our quiver for such combinations."

Last month, the company announced the departure of its oncology head Herve Hoppenot, with  Dr Alessandro Riva filling his role on an interim basis. A permanent successor to Mr Hoppenot – who has now become chief executive at Incyte – is yet to be named.