Health Care Company Novartis Announces Merger With Chinook Therapeutics
Portfolio Pulse from Benzinga Insights
Novartis (NYSE:NVS) has announced a merger with Chinook Therapeutics (NASDAQ:KDNY) expected to be completed in H2 2023. Novartis will give Chinook Therapeutics $3.20 billion in cash in exchange for KDNY stock.
June 12, 2023 | 3:10 pm
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Chinook Therapeutics to merge with Novartis, with the deal expected to complete in H2 2023. Novartis to give $3.20 billion cash for KDNY stock.
The merger with Novartis will provide Chinook Therapeutics with a significant cash infusion of $3.20 billion, which could be used to further develop its product pipeline and expand its operations. This could lead to a positive short-term impact on KDNY's stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Novartis announces merger with Chinook Therapeutics, expected to complete in H2 2023. Novartis to give $3.20 billion cash for KDNY stock.
The merger with Chinook Therapeutics will expand Novartis' portfolio in the healthcare sector, particularly in rare, severe chronic kidney disorders. This could potentially increase Novartis' revenue and market share, leading to a positive short-term impact on its stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100