Novartis to acquire kidney disease drug maker Regulus Therapeutics for up to 1.7 billion

Farabursen is an investigational microRNA inhibitor designed to target miR-17 with preferential kidney exposure, aiming to reduce the growth of cysts and kidney size, as well as delay progression of disease severity in ADPKD.

In March 2025, Regulus announced the successful completion of its Phase 1b multiple-ascending dose clinical trial for farabursen. The Phase 1b trial data showed promising clinical efficacy and safety, including consistent impact on urinary polycystin (PC), a biomarker of mechanistic response, and height-adjusted total kidney volume (htTKV), a measure of progressive disease.

Under the terms of the transaction, which has been unanimously approved by the Boards of Directors of both companies, Novartis will, through an indirect wholly owned subsidiary, commence a tender offer to purchase all outstanding shares of Regulus common stock. Holders of Regulus common stock would receive USD 7 per share in cash at closing and a contingent value right (“CVR”) with a value of up to USD 7 per share payable in cash upon the achievement of a regulatory milestone.

Transaction includes USD 0.8 billion upfront with a potential additional USD 0.9 billion payment upon the achievement of a future regulatory milestone

Following completion of the tender offer, Novartis expects to merge the acquiring subsidiary with Regulus, resulting in Regulus becoming an indirect wholly owned subsidiary of Novartis.

The transaction is expected to close in the second half of 2025, subject to the satisfaction or waiver of customary closing conditions, including the tender of a majority of the outstanding shares of Regulus common stock and the receipt of regulatory approvals. Until closing, Novartis and Regulus will continue to operate as separate and independent companies.