Chinook Therapeutics surges on $3.5 bln buyout deal with Novartis

Chinook Therapeutics

12/06/2023 10:02

** Shares of biotech firm Chinook Therapeutics  KDNY.O  jump
66% to $39.83 premarket 
    ** Swiss drugmaker Novartis  NOVN.S  has agreed to acquire
KDNY for up to $3.5 billion at $40 per share, in cash, plus a
contingent value right worth up to $300 million, depending on
certain regulatory achievements - NOVN
    ** The transaction is expected to close in the second half
of 2023 - NOVN
    ** Up to last close, KDNY shares down 8.4% 

 (Reporting by Mariam Sunny in Bengaluru)
 ((Mariam.ESunny@thomsonreuters.com;))