Novartis Invests In Start-up Sideris

Novartis has signed a pact giving it the exclusive right to acquire Sideris Pharmaceuticals, a University of Florida spin-off, for up to $300 million. The deal is a companion to a $32 million fund-raising round for the biotech firm that was led by the venture capital company MPM Capital. Based in Boston and Gainesville, Fla., Sideris has developed SP-420, a small molecule that selectively binds iron and removes it from the body. It is intended to treat iron overload caused by multiple transfusions.