Novartis to Acquire Chinook Therapeutics for Up to $3.5 Billion
12 Giugno 2023 - 7:53AM
Dow Jones News
By Mauro Orru
Novartis agreed to acquire clinical-stage biopharmaceutical
company Chinook Therapeutics for up to $3.5 billion, in a deal that
will expand its portfolio of kidney disease treatments.
The Swiss pharmaceutical company said Monday that it would merge
Seattle, Washington-based Chinook Therapeutics with a newly formed
Novartis subsidiary, with holders of Chinook common stock receiving
$3.2 billion in cash, plus a contingent value right of up to $300
million.
The deal will hand Novartis exposure to Chinook's pipeline for
kidney disease treatments. These include atrasentan and zigakibart
to treat Immunoglobulin A Nephropathy, a rare kidney disease that
affects mostly young adults, with as many as three in 10 patients
progressing to kidney failure and dialysis within 10 years.
Atrasentan is currently in Phase 3 development, while a Phase 3
trial for zigakibart is expected to start in the third quarter.
Novartis expects to close the transaction in the second half of
the year, subject to customary closing conditions.
Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94
(END) Dow Jones Newswires
June 12, 2023 01:38 ET (05:38 GMT)
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