by Ludwig Burger, for Reuters

“June 12 (Reuters) – Novartis (NOVN.S) said it has agreed to acquire U.S. biotech firm Chinook Therapeutics (KDNY.O) for up to $3.5 billion to boost its late-stage drug development line-up, raising the stakes in the race for a rare kidney disease treatment.

Seattle-based Chinook’s shareholders will receive $3.2 billion, or $40 per share, in cash under the agreed deal, plus a contingent value right worth up to $300 million, depending on certain regulatory achievements, Novartis said on Monday….”

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