Slater Technology Fund-backed company to be acquired by Novartis

Share on Social Media

PROVIDENCE – The Cambridge, Mass.-based company Cadent Therapeutics has entered into an agreement to be acquired by Novartis in a deal worth up to $770 million, Slater Technology Fund announced Friday.

The company was formed through a merger with the Slater Technology Fund-backed company Mnemosyne Pharmaceuticals. Mnemosyne developed a drug-discovery program targeting the creation of novel therapeutics to treat cognitive dysfunction and a broad range of central nervous system disorders.

Slater, an evergreen not-for-profit seed fund dedicated to supporting new venture development in Rhode Island, invested $1.5 million in Mnemosyne, which became an ownership stake in Cadent. Slater noted that former Mnemosyne co-founder Frank Menniti has gone on to start MindImmunue Therapeutics, another Slater-backed company.

Mnemosyne moved to Cambridge in 2015 as Luc Therapeutics after finishing an $11.5 million Series A financing round, and merged with Ataxion in 2017 to become Cadent.

“It is incredibly gratifying to see seed investments blossom in so many ways. Congratulations to [CEO of Cadent Therapeutics] Jodie Morrison and her team on creating such a great outcome for all, and to the Mnemosyne founders, who teamed with Richard Horan and Slater a decade ago,” said Thorne Sparkman, managing director of Slater. “This kind of success quite literally fuels the impact that entrepreneurs like the Mnemosyne founders can make by augmenting Slater’s evergreen investment in the next generation of ventures. We cannot wait to pay it forward.”

Slater said the deal marked the fourth positive liquidity event for the fund in the past two years.

Purchase Now

Latest News

RI Bio Launches Non-Profit Foundation

RI Bio Launches Non-Profit Foundation

MAY 5, 2021 – PROVIDENCE, RI – RI Bio, the trade organization and voice of the Rhode Island Life Sciences industry, has formally launched a 501(c)3 Foundation arm to further support their mission. “Our nonprofit foundation will concentrate on fundraising and enabling...

RI Bio Launches New RI-Bio.org

RI Bio Launches New RI-Bio.org

APRIL 30, 2021 – PROVIDENCE, RI – RI Bio, the trade organization and voice of the Rhode Island Life Sciences industry, has launched a newly designed, mobile friendly web site with an updated brand look to help foster more collaboration and further connect life...

RI Bio Launches Innovative Workforce Training

RI Bio Launches Innovative Workforce Training

MARCH 23, 2021 – PROVIDENCE, RI – RI Bio, the trade organization and voice of the Rhode Island Life Sciences industry, has teamed up with URI Pharmaceutical Development Institute at the College of Pharmacy, Back to Work RI, and RI’s Department of Labor and Training to...

Biotech Industry News