Novartis Agrees to Purchase Cadent Therapeutics for Up to $770 Million

Novartis has announced plans to purchase Cambridge, Mass.-based Cadent Therapeutics for up to $770 million, expanding its pipeline of treatments for cognitive and mood disorders.

Under the agreement, Novartis acquires two clinical-stage molecules for schizophrenia and movement disorders, and MIJ821, a clinical-stage molecule previously licensed exclusively by Novartis for treatment-resistant depression.

The Swiss pharmaceutical giant will pay $210 million upfront for Cadent, which will be eligible for payments of as much as $560 million upon meeting specific milestones. Cadent and Novartis expect to complete the transaction during the first quarter of 2021.