Novartis to acquire neuroscience firm Cadent Therapeutics for up to $770M

 

• Novartis (NYSE:NVS) and privately held Cadent Therapeutics have entered into a definitive agreement under which Novartis will acquire all of the outstanding capital stock of Cadent Therapeutics.
• The acquisition will give Novartis full rights to Cadent’s neuroscience portfolio, including its NMDAr program, consisting of two clinical programs: CAD-9303 and MIJ-821, which was licensed to Novartis in 2015.
• Additionally, Novartis will gain full rights to CAD-1883, a clinical stage SK channel positive allosteric modulator in development for movement disorders.
• Upon the closing of transaction, Cadent will receive a $210M upfront payment and will be eligible for up to $560M in milestone payments, for a total potential consideration of $770M.
• The transaction is expected to close during Q1 2021.
• https://seekingalpha.com/news/3645200-novartis-to-acquire-neuroscience-firm-cadent-therapeutics-for-up-to-770m