Novartis options Quark program in $680M pact

Underscoring the rich potential of new siRNA therapeutics, Novartis has agreed to pay Quark Pharmaceuticals up to $680 million to nail the licensing rights to a new therapy for kidney-related diseases. Quark will get $10 million upfront for an option on QPI-1002, which is currently in Phase II for kidney-related conditions. If Novartis decides to pull the trigger on the option, it will pay out up to $670 million more in fees and milestones. The drug is being developed for acute kidney disease...

Igenica leads a trio of new venture rounds

There's a trio of new biotech financing rounds to report today. Igenica, a cancer antibody start-up based in Burlingame, CA, is reporting that it raised $24 million in a Series B. The new round was led by The Column Group, OrbiMed Advisors and 5AM Ventures. Launched a little more than a year ago, Igenica says it uses two technology platforms to generate tumor antigens and antibody candidates for cancer. "Igenica's technology is ideally positioned to develop cancer antibodies that will function...