Novartis has an agreement to purchase Seattle-based biotech firm Chinook Therapeutics for up to $3.5 billion.
This will boost its late-stage drug development line-up with a new treatment for a rare severe kidney disease.
The transaction, in the form of a merger of a newly formed Novartis subsidiary and Chinook, is expected to close in the second half of 2023, according to a Novartis statement.
Novartis CEO Vas Narasimhan is looking to the future by cutting costs and restructuring the company to focus on fewer therapeutic areas and the most promising geographic markets.
