On January 11, 2016 Surface Oncology (Surface), a leader in the development of next‐generation cancer immunotherapies, reported that it has entered into a broad strategic collaboration with Novartis to develop immunotherapeutics targeting the tumor microenvironment and the interface of innate and adaptive immunity (Press release, Surface Oncology, JAN 11, 2016, View Source [SID1234527366]). "This strategic collaboration reflects our shared commitment to innovation in cancer immunotherapy beyond checkpoint inhibitors," said Detlev Biniszkiewicz, CEO of Surface. Biniszkiewicz added "It fuels our pipeline, provides the option to co‐develop and cocommercialize half of the partnership programs, and allows us to further build value as an independent company as we also pursue new programs outside of the collaboration." Under the terms of the agreement, Surface is eligible to receive up to $170M in upfront, equity, and near‐term milestone payments. Novartis will gain exclusive access to Surface’s current pipeline of novel cancer immunotherapies, including an exclusive worldwide license to its leading program and options to license up to three additional programs from the existing portfolio, exercisable at IND. Surface is eligible to receive clinical and commercial milestones and up to double‐digit royalties on product sales. Surface also has the option to retain U.S. development and commercialization rights for at least half of the collaboration’s programs. Mark C. Fishman, M.D., President of the Novartis Institutes for BioMedical Research, commented, "We are very excited to enter into this collaboration with Surface. This alliance is another building block in our strategy to develop a portfolio of programs that we believe will
lead the next wave of immuno‐oncology medicines."

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