NVS - Novartis to acquire Chinook Therapeutics for $3.2B
2023-06-12 02:56:04 ET
Novartis ( NVS ) will acquire biopharmaceutical company, Chinook Therapeutics ( KDNY ) for $40 per share in cash, or a total of $3.2B.
This offer represents a premium of 83% to Chinook’s 60-day volume-weighted average stock price and 67% to Chinook’s closing price on June 9, 2023.
Chinook shareholders will receive contingent value rights providing for payment of up to $4 per share upon the achievement of certain milestones relating to the lead product candidate, atrasentan.
Total consideration, including the contingent value right, if the milestones are achieved, would be ~$3.5B.
Transaction closing is expected in H2 2023. Chinook will continue to operate as a separate and independent company.
KDNY stock price is up 3% .
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Novartis to acquire Chinook Therapeutics for $3.2B