Novartis AG has agreed to buy Cadent Therapeutics, a privately held US drug development company specializing in cognitive and mood disorders, for $770 million, amid a massive takeover of the drug industry recently. Novartis said Thursday it will pay $210 million up front, and will pay $560 million in later stages of the agreement when Cadent achieves milestones in the acquisition.
Cadent is currently developing a drug to treat schizophrenia, but previously partnered with Novartis to produce a drug to treat depression.
Earlier this week, several deals took place in the pharmaceutical market, as AstraZeneca Plc acquired Alexion Pharmaceuticals for $39 billion in cash and stock, and Gilead Sciences’ $1.4 billion deal to buy German hepatitis drug production company MYR GmbH was also announced. Also Boehringer Ingelheim’s €1.2 billion ($1.5 billion) acquisition of NBE-Therapeutics.