Novartis has entered an agreement to acquire US radiopharmaceutical company Mariana Oncology for US$1 billion, boosting its portfolio of cancer treatments in development, the Swiss drug manufacturer said on Thursday (May 2).

The deal also includes US$750 million of potential further payments upon achieving certain milestones, it added.

Mariana Oncology is a preclinical-stage biotechnology company focused on developing novel radioligand therapies (RLTs) to treat cancers.

“The transaction bolsters the Novartis RLT pipeline and expands the company’s research infrastructure and clinical supply capabilities,” Novartis said in a statement.

Novartis has been cutting jobs and costs, and spun off its generic drugs business Sandoz last year, part of a focus on fewer therapeutic areas and geographic markets.

In February, it struck a deal to buy German cancer drug developer MorphoSys for US$2.89 billion. REUTERS

GET BT IN YOUR INBOX DAILY

Start and end each day with the latest news stories and analyses delivered straight to your inbox.

Sign UpVIEW ALL