Novartis has agreed to pay $2 billion to acquire a unit of privately held Synnovation Therapeutics, gaining access to a breast cancer drug candidate that targets PIK3CA mutations. The acquisition gives Novartis a potential competitor to its own existing therapy Piqray, which also targets tumors driven by these genetic mutations.
The acquired asset is described as a prospect that might improve on existing medicines in the PIK3CA inhibitor class. PIK3CA mutations are found in approximately 40% of hormone receptor-positive breast cancers and drive tumor growth by activating cellular pathways that promote cancer cell survival and proliferation.