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Deals in Depth: June 2023

 
• By Maureen Riordan and Deanna Kamienski

Three $1bn+ alliances were penned in June. Topping the list was a potential $2.5bn deal under which Bausch & Lomb acquired Novartis’ Xiidra (lifitegrast ophthalmic solution) for signs and symptoms of dry eye disease; investigational compounds SAF312 (libvatrep) for chronic ocular surface pain and OJL332 for an undisclosed ophthalmic indication; plus rights to use the AcuStream delivery device in dry eye indications.

Deals In Depth

In the top June M&A by deal value, Novartis entered into an agreement to acquire Chinook Therapeutics for $3.5bn. Founded in 2019, Chinook is developing precision medicines for rare, severe chronic kidney diseases. The company's lead clinical program, atrasentan, is an endothelin A receptor antagonist that was in-licensed from AbbVie in 2019. The Phase III ALIGN trial of atrasentan is currently enrolling patients with IgA nephropathy and the Phase II AFFINITY trial of atrasentan is currently enrolling patients with proteinuric glomerular diseases. Chinook’s diversified pipeline of programs for rare, severe chronic kidney diseases will expand the Novartis renal portfolio, complementing its existing pipeline. Financing reached $7.2bn in biopharma, $458m in device, and $110m in diagnostics.

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