Novartis to Acquire Synnovation Therapeutics’ Pan-Mutant Selective PI3Kα Inhibitor Program

• Synnovation will receive total cash consideration of up to $3 billion, consisting of $2 billion in upfront cash and up to $1 billion in development, regulatory, and commercial milestone payments

WILMINGTON, Del.--(BUSINESS WIRE)--Synnovation Therapeutics, LLC (“Synnovation”), a clinical-stage biotechnology company with a diverse pipeline of novel small-molecule targeted therapies in oncology and immunology today announced a definitive agreement for Novartis to acquire Pikavation Therapeutics, Inc. (“Pikavation”) and its portfolio of PI3Kα inhibitor programs, including SNV4818. Pikavation is a wholly-owned subsidiary of Synnovation. SNV4818 is a potentially best-in-class pan-mutant selective PI3Kα inhibitor currently in Phase 1/2 clinical trials for the treatment of HR+/HER2- metastatic breast cancer and other solid tumors.

“We believe Novartis’s global capabilities and commitment to patients with cancer will accelerate the development of SNV4818 for patients with PI3Kα mutation–driven solid tumors beyond what Synnovation could achieve alone,” said Wenqing Yao, Ph.D, Chief Executive Officer of Synnovation. “This acquisition reflects the strength of the Synnovation team and our drug discovery and development capabilities. We will continue advancing other promising programs in our R&D pipeline, including our selective PARP1 inhibitor, SNV1521, as well as additional oncology and immunology projects.”

Under the terms of the agreement, Novartis will pay Synnovation $2 billion upfront in cash, and up to $1 billion in development, regulatory, and commercial milestones, for a total potential cash consideration of up to $3 billion. The transaction is expected to be finalized in the first half of 2026. Closing of the transaction is contingent on completion of review under antitrust laws, including the Hart-Scott-Rodino (HSR) Antitrust Improvements Act of 1976. Synnovation will retain ownership of its other research and development subsidiaries. Novartis will be solely responsible for future development and commercialization of SNV4818 and other PI3Kα inhibitor programs and Synnovation will continue operating as an independent entity and while independently advancing its pipeline.

Centerview Partners LLC is acting as exclusive financial advisor to Synnovation and Goodwin Procter LLP is serving as its legal advisor, with Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. also providing legal advice.

About Synnovation Therapeutics

Synnovation is dedicated to the discovery and development of best-in-class therapeutics that can improve the lives of patients. By leveraging our deep expertise in biology and a world class medicinal chemistry team, we are building a diverse pipeline of novel small molecule targeted therapies. Our mission is to efficiently advance these agents into clinical trials with the goal of transforming care through patient-focused precision medicine. Synnovation’s pipeline also includes SNV1521, a potentially best-in-class, next generation PARP1-selective inhibitor currently in Phase 1, and multiple additional oncology and immunology programs. For more information, please visit www.synnovationtx.com.

About Novartis

Novartis is an innovative medicines company. Every day, we work to reimagine medicine to improve and extend people’s lives so that patients, healthcare professionals and societies are empowered in the face of serious disease. Our medicines reach more than 300 million people worldwide.