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Novartis ups sales guidance, purchases Kate Therapeutics for up to $1.1B

The Swiss pharma giant increased its acquisition portfolio and sales goals going forward.

Heerea Rikhraj

November 21, 2024

1:13 pm

Credit: Getty Images / SOPA Images

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For the second time this week, Novartis has made a multimillion dollar move.

The Swiss pharma giant announced the acquisition of Kate Therapeutics, a San-Diego based biotech company focused on developing gene therapies to treat neuromuscular disorders, on Thursday morning.

In a bid to advance therapies for neuromuscular disorders, Novartis is spending up to $1.1 billion on Kate Therapeutics.

The biotech has drug candidates in its pipeline focused on treating Duchenne muscular dystrophy (DMD), facioscapulohumeral dystrophy (FSHD) and myotonic dystrophy type 1 (DM1).

The technology approach adopted by Kate Therapeutics is one that Novartis believes will improve the efficacy and safety of gene therapies, which would open potential possibilities for treating complex diseases that have been challenging to address with current capabilities.

Shareholders of Kate Therapeutics are entitled to receive up to $1.1 billion from the upfront payments and additional payments as Novartis achieves specific milestones.

Earlier this week, Novartis also secured a $745 million partnership with radiopharmaceutical biotech Ratio Therapeutics to develop a cancer candidate. Going forward, Novartis will lead development, commercialization and manufacturing once the candidate has been pinpointed.

In addition to the Kate Therapeutics acquisition, Novartis unveiled an updated mid-term sales guidance.

The drugmaker expects to grow sales at 5% CAGR from 2024 to 2029, and +6% CAGR from 2023- to 2028 — representing a one percentage point increase from previous guidance.

The new targets were set as a result of what the company deemed as strong momentum for upcoming launches and in-market growth drivers. Most of Novartis’ future product launches are expected to have U.S. exclusivity in the next decade or so.

The news was unveiled prior to Novartis CEO Vas Narasimhan hosting a Q&A style panel with investors and analysts in London to discuss the company’s financial forecast.

“Novartis has completed its transformation into a pure-play innovative medicines company, with deep expertise and capabilities across our core therapeutic areas and technology platforms,” Narasimhan said in a statement.

The new sales targets were set as a result of Novartis’ strategic focus on hitting previously set targets for medications such as Cosentyx as well as the execution of more than 30 strategic deals in the last two years, particularly in the exploratory to preclinic stage space.

The acquisition of Kate Therapeutics is part of this ongoing effort, and Novartis referenced its commitment to addressing unmet needs for patients living with inherited neuromuscular diseases.

“The acquisition builds on our expertise and leadership in neuroscience drug discovery and brings to Novartis talent, expertise and capabilities that are highly complementary to our ongoing internal efforts,” Robert Baloh, global head of neuroscience research at Novartis, said in a statement.

Novartis also plans to continue their track record of acquisitions as a way to boost innovation and engagement for stakeholders, according to Narasimhan. He said the drugmaker has identified more than 30 assets in the pipeline with significant potential to rejuvenate its portfolio and support mid-single-digit growth post-2029.

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