Sideris raises $32M, grants Novartis option

Sideris Pharmaceuticals Inc. (Boston, Mass.) raised $32 million in a series A round led by new investor MPM Capital. New investors Hatteras Venture Partners and Osage University Partners also participated. Sideris' SP-420 is an oral small molecule iron chelator in preclinical development to treat transfusion-related iron overload, with Phase I testing slated to start next year. Additionally, Sideris granted Novartis AG (NYSE:NVS; SIX:NOVN) an exclusive option to acquire Sideris in a deal that would value the company at up to $300 million including an upfront, acquisition and milestone payments. MPM Capital's Ansbert Gadicke and Kazumi Shiosaki and Hatteras' Doug Reed joined Sideris' board. ...