Novartis to acquire US-based Chinook for $3.2 bln upfront

Chinook Therapeutics

12/06/2023 06:17

BERLIN, June 12 (Reuters) - Novartis said on Monday that
it has entered in an agreement to acquire U.S.-based Chinook
Therapeutics for $3.2 billion upfront, with the deal expected to
close in the second half.
    The transaction is in the form of a merger of a newly formed
Novartis subsidiary and Chinook, which has two high-value,
late-stage medicines in development for rare, severe chronic
kidney diseases, the pharmaceutical company added in a
statement. 
    Under the agreed deal, holders of Chinook common stock would
receive $3.2 billion in cash upon closing, plus a contingent
value right with a value of up to $300 million, payable in cash
upon the achievement of certain regulatory milestones, it said.
     

 (Writing by Miranda Murray; Editing by Kim Coghill)
 ((Miranda.Murray@thomsonreuters.com;))