...after the early solid tumor PD-1 data was presented by [BMY] at ASCO 2010, the field of immune checkpoint biology started to heat up. At the ASCO 2011 meeting, PD-1 was the belle of the ball with numerous reports of exciting anti-tumor responses. CoStim was founded in 2012 to capitalize on that growing enthusiasm to go after PD-1 and next generation targets in these pathways, aiming for unique monotherapy and combination products, around the work of scientific founders Vijay Kuchroo and Arlene Sharpe, of Harvard Medical School, and Gordon Freeman of Dana-Farber Cancer Institute.
…Although financial terms were not disclosed, this [deal] will provide a significant, above-top-decile return. As a general rule, startups in “red hot” areas like immune-oncology don’t get bought early unless the returns are very attractive. If the contingent milestones are paid, this deal will return a significant portion of the entire Life Science allocation in Atlas Fund VIII.