Novartis to Buy Anthos Therapeutics for Up to $3.1 Billion

(Bloomberg) — Novartis AG agreed to buy US biotech Anthos Therapeutics for as much as $3.1 billion to gain a preventative stroke medicine that could be the first of its kind. 

The Swiss drugmaker will pay $925 million upfront and as much as $2.15 billion more if the experimental drug meets certain regulatory and sales milestones, it said Tuesday. Blackstone Inc.’s life sciences arm started Anthos with Novartis, whose labs devised the medicine it’s now getting back. 

Novartis is looking to bolster its cardiology portfolio, with its top-selling heart medicine Entresto confronting generic competition in the US this year. A lineup of patent expiries will be the first major test of an overhaul that saw the company slough off non-pharmaceutical businesses to focus on innovative medicines.

The experimental drug, abelacimab, is in advanced tests to prevent strokes in patients with atrial fibrillation, a quick and irregular heart rhythm that can lead to blood clots and other heart-related complications. 

The drug could be a blockbuster but potentially not on the same scale as Entresto, which garnered sales of $7.8 billion last year. JPMorgan Chase & Co. analysts see scope for about $1 billion to $1.5 billion in peak annual sales for abelacimab, calling the acquisition a “minor positive” for Novartis. 

Clotting Protein

The shares were little changed after the announcement, trading at 96.99 Swiss francs in Zurich. Novartis has gained more than 9% so far this year, less than rival Roche Holding AG.

Abelacimab has significant potential but is high risk, ZKB analyst Laurent Flamme wrote in a note. Key data from a late-stage study is expected in the second quarter, he said.

The monoclonal antibody is also being studied for clots associated with cancer. It prevents clotting by targeting a protein called factor XI. Bristol-Myers Squibb Co. and Johnson & Johnson are developing a medicine that has a similar mechanism of action called milvexian. Both therapies have been granted fast-track designation by the US Food and Drug Administration. Bayer AG was also in the race, though its treatment failed in a clinical trial.

The transaction is expected to close in the first half, Novartis said. 

The drugmaker granted exclusive global rights for abelacimab to Blackstone’s Anthos in 2019. Other partners on the biotech included Novo Holdings A/S. 

–With assistance from Angela Cullen.

(Updates with analyst comment on sales potential in fifth paragraph)

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