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Novartis to acquire Chinook Therapeutics for up to USD 3.5 billion in boost to late stage pipeline
Basel: Novartis said on Monday it agreed to acquire Seattle-based biotech firm Chinook Therapeutics for up to USD 3.5 billion to boost its late-stage drug development line-up with a new treatment for a rare severe kidney disease.
The transaction, in the form of a merger of a newly formed Novartis subsidiary and Chinook, is expected to close in the second half of 2023, the Swiss drugmaker said in a statement.
Under the agreed deal, Chinook shareholders would receive $3.2 billion, or $40 per share, in cash plus a contingent value right worth up to $300 million, depending on certain regulatory achievements, it said.
The U.S. biotech firm expects to see the pivotal readout in the fourth quarter of this year of a clinical trial in the third and last stage of development of oral drug candidate atrasentan to treat a kidney disease known as IgAN.
Chinook also has zigakibart, another experimental IgAN treatment, under development and plans to start a Phase 3 in the third quarter of 2023.
Read also: Novartis sees Sandoz adding USD 3 billion in net sales over next five years
Ruchika Sharma joined Medical Dialogue as an Correspondent for the Business Section in 2019. She covers all the updates in the Pharmaceutical field, Policy, Insurance, Business Healthcare, Medical News, Health News, Pharma News, Healthcare and Investment. She has completed her B.Com from Delhi University and then pursued postgraduation in M.Com. She can be contacted at editorial@medicaldialogues.in Contact no. 011-43720751