Novartis to buy radiology specialist Mariana Oncology for $1 billion (updated)

Morphosys AG

02/05/2024 12:30

(Adds detail on deal, background from paragraph 3)
       May 2 (Reuters) - Novartis  NOVN.S  has entered an
agreement to acquire US radiopharmaceutical company Mariana
Oncology for $1 billion, boosting its portfolio of cancer
treatments in development, the Swiss drug manufacturer said on
Thursday.  
    The deal also includes $750 million of potential further
payments upon achieving certain milestones, it added.
    Mariana Oncology is a preclinical-stage biotechnology
company focused on developing novel radioligand therapies (RLTs)
to treat cancers.
        "The transaction bolsters the Novartis RLT pipeline and
expands the company’s research infrastructure and clinical
supply capabilities," Novartis said in a statement.
  
        Novartis has been cutting jobs and costs, and spun off
its generic drugs business Sandoz last year, part of a focus on
fewer therapeutic areas and geographic markets.
  
    In February, it struck a deal to buy German cancer drug
developer MorphoSys  MORG.DE  for 2.7 billion euros ($2.89
billion).
    ($1 = 0.9348 euros)

 (Reporting by Paul Arnold, writing by Andrey Sychev; editing by
Matthias Williams)
 ((andrey.sychev@thomsonreuters.com;))