Aduro Biotech and Novartis have reached an agreement in which Novartis will invest up to $750 million in the cancer immunotherapy developer. Novartis will make an upfront payment of $200 million and, if all development milestones are met, Aduro is eligible to receive up to an additional $500 million. The funds will be used for research, development and commercialization of Aduro's immuno-oncology products derived from its cyclic dinucleotide approach to target specific receptors. The companies will share in profits, if any, in the U.S., Japan and major European countries; Novartis will pay Aduro a royalty for sales elsewhere in the world. Novartis has already made an initial 2.7% equity investment for $25 million and has committed to $25 million more at a future date.