Novartis announced that it will be purchasing Chinook Therapeutics, a Seattle-based biotech company, for $3.2 billion. Founded in 2019, Chinook Therapeutics focuses on developing treatments for kidney disorders. The company currently has two experimental drugs undergoing phase three studies and trials.
Novartis is also involved in kidney treatments and is developing its own drug for the cause. The sale follows two recent high-profile acquisitions of Seattle-based biotech firms by Pfizer and Sobi.
“We believe this transaction is great news for kidney disease patients and the programs we have built at Chinook,” Eric Dobmeier said.