Surfacing with Novartis

Surface Oncology Inc. expects the $170 million in near-term payments from its cancer immunotherapy deal with Novartis AG (NYSE:NVS; SIX:NOVN) will be enough to develop its unpartnered assets without tapping either the private or public markets.

Novartis received exclusive worldwide rights to Surface's lead program and options to in-license three additional programs. The initial payout includes a $25 million equity investment, an undisclosed upfront payment, and pre-IND milestones. The biotech also could receive undisclosed clinical and commercial milestones and double-digit royalties...