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Novartis AG is a Switzerland-based pharmaceutical company that ranks in the top 5 largest pharma brands in the world. It has recently acquired the American biotech firm, Chinook Therapeutics, for $3.5 billion.
Novartis confirmed on Monday, June 12, that it has agreed to a deal that will merge its new subsidiary with Chinook Therapeutics. According to Reuters, the transaction between the companies is expected to be completed by the second half of this year.
Then again, the merger deal is still subject to customary closing conditions. It was also mentioned that this move is completely in accordance with Novartis’ strategy to point its attention to innovative medicines. The buyout will also expand the company’s renal portfolio.
The Swiss pharma further explained that it will acquire the Seattle, Washington-headquartered clinical biotech firm with two high-value, late-stage medicines in development for rare, chronic kidney diseases. Under the contract, shareholders of Chinook will receive $3.2 billion, which is equivalent to $40 per share, in cash. Novartis added that shareholders will also get a contingent value right worth up to $300 million, which will depend on some regulatory achievements.
Meanwhile, Chinook Therapeutics is looking to report data from the last phase of research for its experimental oral drug called Atrasentan, which is used to treat a kidney disease known as IgAN, in the Q4 of 2023. It is currently working on another experimental injectable version of the IgAN treatment called Zigakibart. A late-stage trial for these treatments is set to begin in the third quarter of this year.
“IgA Nephropathy is a devastating disease mostly affecting young adults and potentially leading to dialysis or kidney transplantation,” Novatis’ chief executive officer, Vas Narasimhan, M.D., said in a press release. “We are excited by this unique opportunity to address one of society’s most challenging healthcare issues, with the potential to bring additional much-needed treatment options to patients. We look forward to closing the deal, to a smooth transition for Chinook employees and to welcoming them to Novartis.”
Photo by: Novartis Media Gallery
