Novartis said it has agreed to acquire U.S. biotech firm Chinook Therapeutics for up to $3.5 billion to boost its late-stage drug development line-up, raising the stakes in the race for a rare kidney disease treatment.
for up to $3.5 billion to boost its late-stage drug development line-up, raising the stakes in the race for a rare kidney disease treatment.
The upfront payment represents a premium of 66.7% to Chinook's Friday closing price. Chinook's shares were at $40.1 in premarket trading on Monday. Chinook, whose shares closed at $23.99 on Friday, has a leading compound designed to treat IgA Nephrophathy, or IgAN, a rare disease that can lead to kidney failure in young adults which has attracted a range of developers and is already the target of drug candidate developed by Novartis.The transaction is expected to close in the second half of 2023, Novartis said in a statement.
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