Press Release January 11, 2016

Surface Oncology Enters Global Collaboration with Novartis to Develop Next-Generation Immunotherapies with Near-Term Value of $170 Million

Goodwin Procter’s Life Sciences team represented Surface Oncology (Surface), a leader in the development of next-generation cancer immunotherapies, in its broad strategic collaboration with Novartis to develop immunotherapeutics targeting the tumor micro-environment and the interface of innate and adaptive immunity.

Under the terms of the agreement, Surface is eligible to receive up to $170 million 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.

Surface, founded by Atlas Venture in 2014, is creating the next generation of immunotherapies for cancer. To fully unlock the potential of cancer immunotherapy, Surface is targeting a broader set of immune processes by which cancer cells evade immune recognition and attack. Surface's programs are built upon emerging, proprietary insights about how to improve the immune system’s recognition and elimination of cancer cells.

The Goodwin team was led by partners Kingsley TaftDanielle Lauzon and Sarah Solomon and included counsel Todd Hahn (Antitrust) and associates Erini Svokos and Catharine Magazu.