‘Stealth’ VC firm Aditum Bio launches its second biotech startup

Joe Jimenez, a former Novartis CEO, and Mark Fishman, the former head of the Novartis Institutes for BioMedical Research, announced a new biotech startup on Monday: Tempero Bio.

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The two are backing Tempero through their venture capital firm, Aditum Bio, which has raised $133 million to spend on four to six other new startups. Aditum’s first company, Teres Bio, launched in December, but Monday’s announcement marks the first time Jimenez and Fishman are speaking publicly about their work.

Before now, Jimenez said, “We were still in stealth mode.”

Aditum Bio is Jimenez’s first major project since leaving Novartis in early 2018 after eight years at the company. Shortly after departing, Jimenez drew fire for having signed a million-dollar consulting deal with Michael Cohen, a controversial former associate of President Donald Trump, in 2017 while Jimenez was CEO. Jimenez currently sits on the board of Century Therapeutics, among other companies.

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