ARTICLE | Finance

Entering the endgame

How venBio lost the battle, but not the war, with a Cytos asset

August 17, 2015 7:00 AM UTC

venBio may have seen its 2012 investment in Cytos Biotechnology AG (SIX:CYTN) go up in smoke, but the firm still could score a win from the biotech's virus-like particle (VLP) platform for cancer now that it resides with Checkmate Pharmaceuticals Inc.

The firm participated in Checkmate's $20 million series A round on Aug. 12. The round was led by Sofinnova Ventures and was announced the same day as Checkmate's deal with Cytos for an exclusive, worldwide license to CYT003 and platform technologies for VLPs and oligonucleotide synthesis for use in oncology. Cytos is eligible for $90 million in milestones, plus royalties...