NVS acquires KDNY for $40/sh cash +CVR: https://www.globenewswire.com/news-release/2023/06/12/2685937/0/en/Novartis-bolsters-innovative-medicines-strategy-and-renal-pipeline-with-agreement-to-acquire-Chinook-Therapeutics-for-USD-3-2bn-upfront-USD-40-share.html Chinook’s pipeline includes two late-stage assets in clinical development to treat Immunoglobulin A Nephropathy (IgAN), a progressive, rare kidney disease that mostly affects young adults and currently lacks targeted treatment options. As many as 3 in 10 patients progress to kidney failure and dialysis within 10 years. Atrasentan, an oral endothelin A receptor antagonist (ERA), currently in Phase 3 development for IgAN with pivotal readout expected in Q4 2023, has shown significant reductions in proteinuria. Atrasentan is also in early-stage development for other rare kidney diseases. Zigakibart (BION-1301) is a subcutaneously administered anti-APRIL monoclonal antibody; a Phase 3 trial in IgAN is expected to start in Q3 2023. The cash buyout price (excluding the CVR) is a 67% premium to Friday's closing price. The nominal deal value of $3.2B.