By Mauro OrruNovartis 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. 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.

Source: Wall Street Journal June 12, 2023 05:42 UTC