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The US company is primarily engaged in the field of neuroscience and currently has two clinical programs for the treatment of schizophrenia and one for movement disorders, the Basel-based company announced on Thursday.
Under the agreement, Novartis will acquire all of Cadent’s outstanding share capital in exchange for an upfront payment and milestone payments. The advance is $ 210 million, Cadent announced. Cadent could also receive milestone payments of up to $ 560 million for a potential total compensation of $ 770 million.
The two companies expect the transaction to close in the first quarter of 2021.
Collaboration since 2015
Cadent is said to be focused on developing therapies to treat cognitive disorders, mood swings, and movement disorders.
The deal also includes a milestone purchase and license fees for MIJ821, a clinical-stage molecule that Novartis licensed exclusively to Cadent in 2015, the Basel-based company wrote in a separate statement Thursday. Novartis is actively developing MIJ821 for treatment-resistant depression.
