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The Boston Globe

Business

Novartis AG buying Cambridge cancer drug firm

CoStim purchase boosts push into immunotherapy

The Swiss drug giant Novartis AG, moving to establish itself as a top player in the hot field of cancer treatment known as immunotherapy, on Monday said it had snapped up two-year-old CoStim Pharmaceuticals Inc., a venture-backed Cambridge biotech using research from Boston academic labs.

CoStim, bankrolled by local venture firms MPM Capital and Atlas Ventures as well as Partners Innovation Fund, is developing a pipeline of drugs that stimulate a patient’s immune system to fight cancer. CoStim will be rolled into Novartis’s Cambridge-based immunotherapies research team, which will start with 20 to 30 people but is likely to expand.

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