Novartis completes acquisition of Chinook Therapeutics

Novartis (NVS) announced that it has completed its acquisition of Chinook Therapeutics, a biopharmaceutical company focused on the discovery, development, and commercialization of precision medicines for kidney diseases, in a transaction valued at up to $3.5B. Chinook stockholders will receive $40.00 in cash per Chinook share for a total of $3.2B, plus up to a further $4.00 in cash per Chinook share, through a contingent value right, or CVR, upon the achievement of certain regulatory milestones, representing a potential additional $300M in aggregate contingent consideration. “We are excited to complete this important transaction and look forward to leveraging our combined resources and expertise to further advance the development of these promising treatments for the benefit of patients with rare, severe chronic kidney diseases. We welcome the Chinook team to Novartis as we expand our renal portfolio and continue our journey to reimagine medicine,” said Vas Narasimhan, M.D., CEO of Novartis.