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.-
These Stocks Are (Still) Powering the Bull Market
-
5 Undervalued Energy Stocks to Play the AI Data Center Demand Boom
-
After Earnings, Is Lowe’s Stock a Buy, Sell, or Fairly Valued?
-
5 Stocks With the Largest Fair Value Estimate Cuts After Q1 Earnings
-
10 Stocks With the Largest Fair Value Estimate Increases After Q1 Earnings
-
Markets Brief: Inflation Back in the Spotlight
-
AI Is Booming, but Consumer Spending Is Slowing. Which Will Prevail in the Stock Market?
-
What’s Happening In the Markets This Week
-
3 Dividend Stocks for June 2024
-
After Earnings, Is Alibaba Stock a Buy, Sell, or Fairly Valued?
-
MongoDB Earnings: Slashing Valuation as Execution and Macro to Blame for Lower Guidance
-
Marvell Earnings: We Raise Our Medium-Term AI Forecast and Bring Our Valuation Up to $75
-
Zscaler Earnings: Impressive Traction in Emerging Products Drives Sales Growth for the Quarter
-
Dell Earnings: Raising Valuation on Strong AI, but the Stock Remains Severely Overvalued
-
After Earnings, Is Nvidia Stock a Buy, Sell, or Fairly Valued?
-
The 10 Best Companies to Invest in Now