(Tiper Stock Exchange) – Novartisa Swiss multinational operating in the pharmaceutical sector, has copleted the acquisition of Chinook Therapeuticsa US biopharmaceutical company focused on the discovery, development and commercialization of precision medicines for kidney disease, in a transaction valued at up to $3.5 billion.
“We are thrilled to complete this important transaction and we look forward to leveraging our combined resources and expertise to further advance the development of these promising treatments to benefit patients with rare and severe chronic kidney disease,” said CEO Vas Narasimhan. “We welcome the Chinook team to Novartis as we expand our renal portfolio and continue our journey to reinvent the medicine”.
Chinook shareholders will receive $40 cash per share Chinooks (for a total of 3.2 billion), plus up to an additional $4 in cash per Chinook share, through a contingent value right (CVR), upon meeting certain regulatory milestones, representing a potential additional $300 million in aggregate contingent consideration.