Novartis acquires experimental breast cancer drug for $3 billion.

Novartis announced that it has reached an agreement with Synnovation Therapeutics to acquire the broad-spectrum selective PI3K inhibitor SNV4818, in order to explore the next generation treatment options for patients with HR+/HER2- breast cancer as well as potential other solid tumor indications. SNV4818 is an oral medication currently undergoing phase I/II clinical trials for breast cancer and other advanced solid tumors. Under the terms of the agreement, Novartis will pay Synnovation Therapeutics a $2 billion upfront payment and up to $1 billion in milestone payments to acquire Synnovation's wholly-owned subsidiary Pikavation Therapeutics.