Novartis to acquire Chinook Therapeutics for $3.5bn
Summary
The deal is a merger of a newly formed subsidiary of the company with Chinook, which has two late-stage medicines currently under development to treat IgA nephropathy (IgAN), a rare, progressive chronic kidney disease. Chinook’s oral endothelin A receptor antagonist (ERA), atrasentan, is currently in Phase III development to treat IgAN. Novartis announced that the deal is in line with its strategy to focus on new medicines and will expand the company’s renal portfolio. Novartis CEO Vas Narasimhan stated: “IgA nephropathy is a devastating disease mostly affecting young adults and potentially leading to dialysis or kidney transplantation. “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.