Cadent Therapeutics, a biopharmaceutical company developing novel treatments for patients with movement and cognitive disorders, announced that it has entered an agreement to be acquired by Novartis. The transaction is expected to close in the first quarter of 2021.
Under the deal, Cadent Therapeutics will receive a $210 million upfront payment and will be eligible for up to $560 million in milestone payments.
The acquisition will give Novartis full rights to Cadent’s neuroscience portfolio, including two NMDAR and one SK channel clinical programs:
- the Phase I schizophrenia program, CAD-9303 (NMDAR positive allosteric modulator);
- the Phase II depression program, CAD-9271/MIJ-821 (NMDAR negative allosteric modulator);
- the Phase II movement disorder program, CAD-1883 (SK channel positive allosteric modulator).