Novartis to acquire Spinifex Pharmaceuticals for $200 million upfront

Swiss pharma giant Novartis (NOVN: VX) has entered into an agreement to acquire Spinifex Pharmaceuticals, a USA and Australia-based, privately held development stage company, focused on developing a peripheral approach to treat neuropathic pain such as EMA401, a novel angiotensin II Type 2 receptor (AT2R) antagonist.

Financial terms of the transaction were not disclosed, according to Novartis. However, Spinifex announced its agreement to the sale to Novartis for an upfront cash consideration of $200 million plus significant further development and regulatory milestone payments. The transaction is expected to close in the second half of this year, pending regulatory approval.

University of Queensland spinout