Shots:

• Novartis to acquire all outstanding shares of Cadent for a total value of ~$770M. Cadent to receive $210M up front and is eligible for ~$560M as milestones. The transaction is expected to be close in Q1’21
• Novartis gains full rights to Cadent’s NMDAr program which consist of two clinical programs: CAD-9303 and MIJ-821- an NMDAr negative allosteric modulator that was licensed to Novartis in 2015
• Additionally- Novartis gains Cadent’s pre-clinical programs and clinical stage (CAD-1883) movement disorder program

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