Clinical-stage biotechnology company Synnovation Therapeutics LLC announced on Friday that Swiss pharmaceutical company Novartis AG (SIX:NOVN) (NYSE:NVS) has agreed to acquire Pikavation Therapeutics, a subsidiary of Synnovation, including its portfolio of PI3K-alpha inhibitor programs.

The transaction centres on SNV4818, a pan-mutant selective PI3K-alpha inhibitor currently in Phase 1/2 trials targeting metastatic breast cancer and other solid tumours.

Under the agreement, Synnovation will receive USD2b upfront and up to USD1bn in development, regulatory, and commercial milestone payments, bringing total potential consideration to USD3bn.

The transaction is expected to close in the first half of 2026, subject to regulatory approvals, including antitrust review under the Hart-Scott-Rodino Act.

Following completion, Novartis will assume full responsibility for the development and commercialisation of the acquired programs. Synnovation will retain its remaining research and development subsidiaries and continue operating independently while advancing its broader pipeline.