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On August 1, 2023, Andrew King, the Chief Scientific Officer of Chinook Therapeutics Inc ( KDNY , Financial), sold 1,168 shares of the company. This move is part of a series of insider transactions that have taken place over the past year.
Shares of two biotech stocks are way up over the past month thanks to impressive clinical trial results for the drugs they're developing. Chinook Therapeutics has agreed to a buyout offer from Merck but the stock is still below the offered price.
That value proposition took a huge step forward on Monday when Novartis announced a $3.2 billion acquisition of Seattle-based biotechnology company Chinook Therapeutics. A specialist in the development of precision medicines for chronic kidney diseases, Chinook Therapeutics becomes the latest addition to Novartis' expanding innovative medicines portfolio.
Chinook Therapeutics (NASDAQ: KDNY ) has been surging all day. Why? KDNY stock surged on news that multinational pharmaceutical giant Novartis (NYSE: NVS ) will acquire the firm, which is known for kidney care and treatment.
SEATTLE, June 12, 2023 (GLOBE NEWSWIRE) -- Chinook Therapeutics, Inc. (Nasdaq: KDNY), a biopharmaceutical company focused on the discovery, development and commercialization of precision medicines for kidney diseases, today announced a focused oral presentation on zigakibart (BION-1301) will be presented on Friday, June 16, 2023 at the 60th ERA Congress being held virtually and live in Milan, Italy.
In light of a Novartis NVS, -0.94% deal to acquire Chinook Therapeutics Inc. KDNY, +58.09%, which is developing treatments for a rare kidney disease, two other companies focused on the same disease look even more attractive, analysts said Monday.
Chinook Therapeutics, Inc stock surged by more than half in early trade after the company said it agreed to a $40 per share buyout offer by Novartis AG (ADR) (NYSE:NVS). The $3.2 billion offer represents a 67% premium to Chinook's closing price on Friday, May 9, and is 83% higher than the 60-day volume-weighted average price of its shares.
Chinook Therapeutics (NASDAQ: KDNY ) stock is rocketing higher on Monday after the company announced it's being acquired by Novartis AG (NYSE: NVS ). Novartis AG is acquiring Chinook Therapeutics in a $3.2 billion deal.
Chinook said it has entered an agreement to be acquired by Novartis for $40 per share in cash, with additional cash contingent on regulatory progress with astrasentan, its kidney disease drug candidate.
Shares of Chinook Therapeutics KDNY, +0.17% rose 67% to $40.02 after it agreed to be bought by Novartis NVS, +0.28% for up to $3.5 billion. Holders of Chinook will receive $3.2 billion, or $40 per share, in cash upon closing, plus a contingent value right with a value of up to $0.3 billion, or $4 per share.
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