Novartis has agreed to acquire U.S. based neuroscience company Cadent for up to $770 million, according to press release. Cadent will receive $210 million upfront payment and will be eligible for up to $560 million in milestone payments.
- The acquisition of Cadent adds two new clinical stage programs to Novartis neuroscience portfolio, one for schizophrenia and the other for movement disorders.
- The acquisition includes a buyout of milestones and royalties for MIJ821, a clinical stage molecule that Novartis licensed from Cadent in 2015 which it is actively developing for treating resistant depression
- The deal transaction is expected to close in the first quarter of 2021 and Novartis will gain full rights to Cadent’s portfolio
Novartis stock is currently gaining. NOVN: SWX is up 1.33%,
