Novartis Finalizes Chinook Therapeutics Acquisition in Deal Worth Up to $3.5 Billion
Novartis has completed its acquisition of biopharma company Chinook Therapeutics.
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On Aug. 11, 2023, Novartis announced the completion of its acquisition of Chinook Therapeutics, a US-based clinical-stage biopharmaceutical company focused on developing and producing precision medicines for kidney diseases. The transaction included a $3.2 billion upfront payment, with a total deal value of up to $3.5 billion. Stockholders in Chinook are expected to receive up to $44.00 per Chinook share through a contingent value right, which represents a potential added $300 million in aggregate contingent consideration.
In a company press release, Novartis identified two key late-stage assets in development at Chinook: atrasentan and zigakibart (BION-1301). Both assets are being developed to treat Immunoglobulin A nephropathy (IgAN). Atrasentan, an oral endothelin A receptor antagonist, is in Phase III development for IgAN and has shown notable decreases in proteinuria. It is also in early development for other rare kidney diseases. Zigakibart (BION-1301), a subcutaneously administered anti-a proliferation-inducing ligand (APRIL) monoclonal antibody, entered Phase III development for IgAN in July 2023.
“We are excited to complete this important transaction and look forward to leveraging our combined resources and expertise to further advance the development of these promising treatments for the benefit of patients with rare, severe chronic kidney diseases,” said Vas Narasimhan, CEO of Novartis, in the press release. “We welcome the Chinook team to Novartis as we expand our renal portfolio and continue our journey to reimagine medicine.”
Source: Novartis
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