10:10 AM ET -- Novartis is one of the most mentioned companies in the U.S. across all news items in the last 12 hours, according to Factiva data. Novartis agreed to acquire clinical-stage biopharmaceutical company Chinook Therapeutics for up to $3.5 billion, in a deal that will expand its portfolio of kidney disease treatments. Holders of Chinook common stock receiving $3.2 billion in cash, plus a contingent value right of up to $300 million. The deal will hand Novartis exposure to Chinook's pipeline for kidney disease treatments. Novartis expects to close the transaction in the second half of the year, subject to customary closing conditions. Dow Jones & Co. owns Factiva. (chris.wack@wsj.com)


(END) Dow Jones Newswires

06-12-23 1025ET