Novartis to pay up to $1.75 billion for U.S. cancer-focused biotech
By Steve Goldstein
Pharmaceutical giant Novartis AG on Thursday said it will pay up to $1.75 billion for a U.S. biotech focused on cancer.
Novartis said it's paying $1 billion upfront and up to $750 million more in milestone payments for Mariana Oncology, a Watertown, Mass.-based preclinical-stage biotechnology company focused on cancers with high unmet patient needs.
Mariana Oncology is working on developing what's called radioligand therapies, or RLT, and is investigating a candidate for use in small-cell lung cancer.
Novartis has two approved RLTs for certain patients with metastatic castration-resistant prostate cancer and certain types of gastroenteropancreatic neuroendocrine tumors.
Novartis shares in Swiss trade (CH:NOVN) (NVS) were steady and have gained 5% this year.
-Steve Goldstein
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
05-02-24 0718ET
Copyright (c) 2024 Dow Jones & Company, Inc.-
What’s the Difference Between the CPI and PCE Indexes?
-
Micron Earnings: Great Guidance but Stock Now Looks Fairly Valued
-
August PCE Report Forecasts Show More Good News on Inflation
-
AI Stocks May Be Down, but Don’t Count Them Out
-
4 Stocks to Buy as the Fed Cuts Interest Rates
-
Markets Brief: The Uncertain Path to Neutral Interest Rates
-
What’s Happening in the Markets This Week
-
Where Top Stock Fund Managers Are Looking Next After the Fed Rate Cut
-
Our Top Pick for Investing in US Renewable Energy
-
Undervalued by 25% and Yielding 5%, This Stock Is a Buy
-
Can AI Predict Future Stock Returns?
-
The Best Energy Stocks to Buy Now
-
10 Undervalued Wide-Moat Stocks
-
Obesity Drugs: Can New Firms Take Market Share From Eli Lilly and Novo Nordisk?
-
New 4-Star Stocks
-
Intel Fair Value Left Unchanged Despite Qualcomm Takeover Talk