Novartis to acquire Chinook Therapeutics for up to $3.5 billion
Shares of Chinook Therapeutics (Nasdaq: KDNY) flew up more that 66% to $39.90 in pre-market trading this morning on the news of a takeover bid by Novartis (NOVN: VX).
Marking its first M&A deal since 2021, Novartis today announced that it has entered into an agreement to acquire the Seattle, USA-based clinical stage biopharmaceutical company, along with its two high-value, late-stage medicines in development for rare, severe chronic kidney diseases, which will expand the Swiss pharma giant’s renal portfolio. The company is now looking to filing regulatory applications for its lead investigational oral monotherapy iptacopan.
The agreed deal, expected to close in the second half of this year, is subject to customary closing conditions, is fully in line with Novartis strategy to focus on innovative medicines and will significantly expand its renal portfolio, complementing the existing pipeline.
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