Novartis to buy US pharma group Chinook Therapeutics

Health News
Tags :
Health News
Share This :

Credit: Unsplash/CC0 Public Domain

Swiss pharmaceutical giant Novartis said Monday that it had reached a deal to buy US kidney treatment developer Chinook Therapeutics for up to $3.5 billion.

Chinook Therapeutics, which is based in the northwestern city of Seattle, is developing two medicines to treat a rare and progressive kidney disease that mostly affects young adults, Novartis said in a statement.

As many as three in 10 patients progress to kidney failure and dialysis within 10 years, the statement said.

Under the agreement, Chinook shareholders will receive $3.2 billion in cash, or $40 per share, which is 67 percent above Friday’s closing price.

They would receive an additional $300 million, or $4 per share, “upon the achievement of certain regulatory milestones”.

Novartis said it expects the transaction to close in the second half of the year, pending the approval of Chinook shareholders and regulators.

“IgA Nephropathy is a devastating disease mostly affecting young adults and potentially leading to dialysis or kidney transplantation,” said Novartis chief executive Vas Narasimhan.

IgAN, which lacks targeted treatment options, affects up to 21 people per million in the United States every year, according to Novartis.

“We are excited by this unique opportunity to address one of society’s most challenging healthcare issues, with the potential to bring additional much-needed treatment options to patients,” Narasimhan said.

The company statement said the deal “is fully in line with Novartis strategy to focus on innovative medicines and will significantly expand its renal portfolio, complementing the existing pipeline”.

© 2023 AFP

Novartis to buy US pharma group Chinook Therapeutics (2023, June 12)
retrieved 12 June 2023

This document is subject to copyright. Apart from any fair dealing for the purpose of private study or research, no
part may be reproduced without the written permission. The content is provided for information purposes only.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Popular News Posts


Our Exclusive Products

Our Store

Our mission is simple, offer quality products that make our customers lives better at a reasonable price, while ensuring a hassle-free shopping experience. This means that before we bring a product to market, we test it to ensure that it meets our high-level quality standards. Our customer service team understand our products and can answer most every product related question quickly and efficiently. We strive everyday to meet and exceed our customers’ expectations of quality and support! Should we ever fail to meet this expectation – contact us and we will make it right!

Our Value: We are proud of our product and accomplishments, but we typically don’t shout it from the rooftop. Instead, we prefer to let our product and customers do the talking. Our core values can be recognized in our product. The qualities we strive for include:

Pragmatism: We design simple, useful solutions for common needs
Quality: From design to final product, we strive for durable solutions that work
Originality: Creativity and innovation are what makes our product unique
Design: Our minimalist and bold design language focuses on functionality and simplicity that is timeless

0 +

Top Rated Products

0 +

Happy Customers