Why Are Chinook Therapeutics Shares Trading Higher Today
Portfolio Pulse from Vandana Singh
Novartis AG has agreed to acquire Chinook Therapeutics for $40 per share in cash, totaling $3.2 billion. Chinook shareholders will also receive contingent value rights, providing for payment of up to $4 per share upon achieving certain regulatory milestones for atrasentan. The total consideration would be approximately $3.5 billion.
June 12, 2023 | 11:35 am
News sentiment analysis
Sort by:
Ascending
NEGATIVE IMPACT
Novartis AG shares are down slightly after announcing the acquisition of Chinook Therapeutics for $40 per share in cash, totaling $3.2 billion.
Novartis AG shares are down slightly as the company announced the acquisition of Chinook Therapeutics. The acquisition will have a short-term impact on the company's cash reserves, which may cause some investors to be cautious.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Chinook Therapeutics shares are trading higher after Novartis AG agreed to acquire the company for $40 per share in cash, totaling $3.2 billion.
Chinook Therapeutics shares are trading higher due to the acquisition announcement by Novartis AG. The offer represents a significant premium to Chinook's stock price, which is a positive development for shareholders.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100