By Adria Calatayud

Novartis struck a deal valued at up to $3 billion to buy an experimental breast-cancer drug from Synnovation Therapeutics, moving to bolster its oncology pipeline with a new treatment approach.

The Swiss drugmaker has turned to dealmaking to replenish its drug pipeline as it braces for what its chief executive, Vas Narasimhan, recently called the largest patent expiry in the company's history, with key products such as heart-failure treatment Entresto, platelet booster Promacta and leukemia drug Tasigna losing exclusivity.

The deal with Synnovation comes less than a month after Novartis completed its largest acquisition in a decade, the purchase of neuromuscular drug developer Avidity Biosciences for $12 billion, which in turn followed several smaller transactions in areas including cardiovascular and renal diseases.

In its latest deal, Novartis is paying $2 billion upfront and up to $1 billion subject to reaching targets to acquire a Synnovation subsidiary called Pikavation Therapeutics, it said Friday. Pikavation houses a breast-cancer drug candidate known as SNV4818, its lead asset, and a portfolio of similar products that target a mutation found in cancer cells.

Novartis said the key drug it is acquiring is an oral treatment currently being evaluated in an early and mid-stage study for breast cancer and other advanced solid tumors.

The drug is designed to target a mutated enzyme called PI3Kalpha found in cancer cells while sparing it in healthy cells to reduce side effects, differing from available treatments that block both, the company said. Novartis sees potential to combine the drug with hormonal therapy and other treatments due to its more favorable tolerability.

With the acquisition, Novartis aims to explore a next-generation approach for the treatment of breast cancer and potentially other indications, it said.

"This approach has the potential to translate proven biology into improved tolerability and more durable benefit for patients through precision medicine," Novartis President of Development Shreeram Aradhye said.

Novartis has in another breast-cancer drug, Kisqali, one of its top-selling products, which brought in $4.78 billion in sales last year.

The acquisition comes at a time some of Novartis's rivals are developing new treatments for breast cancer as well. Roche Holding recently submitted an application to U.S. drug regulators for its giredestrant drug candidate, while AstraZeneca is developing a treatment called camizestrant.

Synnovation separately said it would continue advancing its other research-and-development programs in oncology and immunology after the deal.

The acquisition is due to be completed in the first half of the year, subject to regulatory approvals, the companies said.

Write to Adria Calatayud at adria.calatayud@wsj.com

(END) Dow Jones Newswires

March 20, 2026 03:24 ET (07:24 GMT)

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