Novartis Entered into an Agreement to Acquire Chinook Therapeutics for ~$3.5B
Shots:
- Novartis to acquire all of the outstanding shares of Chinook for a price of $40/share in cash making a total equity value of ~$3.5B representing a premium of 67% to Chinook’s closing price on June 2023 & will receive CVRs of ~$4/share upon achievement of milestones to Chinook’s atrasentan. The transaction is expected to close in H2’23
- The acquisition is fully in line with Novartis' strategy to focus on innovative medicines & will significantly expand its renal portfolio, complementing the existing pipeline
- Atrasentan, an oral endothelin A receptor antagonist is currently in P-III development for IgAN & proteinuric glomerular diseases. Zigakibart (BION-1301), an anti-APRIL mAb is being studied in a P-I/II trial for IgA nephropathy
Ref: Globenewswire | Image: Chinook Therapeutics
Related News:- Novartis Presents P-III Trial (APPOINT-PNH) Results of Iptacopan for the Treatment of Paroxysmal Nocturnal Hemoglobinuria at EBMT 2023
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