Novartis AG completed the acquisition of Chinook Therapeutics, Inc. from a group of shareholders.
The closing of the proposed transaction is subject to certain conditions, including approval by Chinook?s stockholders, receipt of regulatory approvals, the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act and other customary conditions. The transaction has been unanimously approved by the Boards of Directors of both companies. The Hart-Scott-Rodino Antitrust Improvements Act waiting period applicable to the merger expired at 11:59 p.m. Eastern Time on July 31, 2023. The transaction expected to be completed in the second half of 2023. Centerview Partners LLC and MTS Health Partners, L.P. are serving as financial advisors, and Effie Toshav, Douglas N. Cogen, Amanda Rose, Ryan Mitteness and David K. Michaels of Fenwick & West LLP are serving as legal counsel to Chinook. Centerview Partners LLC is fairness opinion provider to Chinook. Joseph Gilligan, Mahvesh Qureshi, Gabrielle Witt, Katherine Keeley of Hogan Lovells US LLP acted as legal advisors to Novartis. n connection with Centerview?s services as the financial advisor to the Board, Chinook has agreed to pay Centerview an aggregate fee of approximately $58 million, $1 million of which was payable upon the rendering of Centerview?s opinion and the remainder of which is payable contingent upon consummation of the Transaction. Computershare Trust Company, N.A. acted as transfer agent to Chinook. Chinook retained MacKenzie Partners, Inc., a proxy solicitation firm, to assist in the solicitation of proxies for the Special Meeting. Linklaters LLP acted as antitrust counsel to Novartis.
Novartis AG (SWX:NOVN) completed the acquisition of Chinook Therapeutics, Inc. (NasdaqGS:KDNY) from a group of shareholders on August 11, 2023.