Trending: Novartis Buying Chinook Therapeutics for Up to $3.5 Billion
June 12 2023 - 9:40AM
Dow Jones News
10:10 AM ET -- Novartis is one of the most mentioned companies
in the U.S. across all news items in the last 12 hours, according
to Factiva data. Novartis agreed to acquire clinical-stage
biopharmaceutical company Chinook Therapeutics for up to $3.5
billion, in a deal that will expand its portfolio of kidney disease
treatments. Holders of Chinook common stock receiving $3.2 billion
in cash, plus a contingent value right of up to $300 million. The
deal will hand Novartis exposure to Chinook's pipeline for kidney
disease treatments. Novartis expects to close the transaction in
the second half of the year, subject to customary closing
conditions. Dow Jones & Co. owns Factiva.
(chris.wack@wsj.com)
(END) Dow Jones Newswires
June 12, 2023 10:25 ET (14:25 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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