Anchor Therapeutics, a US-based biotechnology company, has raised $10m in its series B round from a venture consortium including Switzerland-based drugs company Novartis.
Novartis, through its Option fund which also has a licensing agreement worth more than $200m with Anchor, was joined by venture capital firms TVM Capital and HealthCare Ventures in the series B round that might be opened up to other investors.
The three firms had provided $19m to Anchor, which was then known as Ascent Therapeutics, in November 2008.