10:30 AM EDT, 05/02/2024 (MT Newswires) -- (Updates with additional details in third and fourth paragraphs.)

Novartis AG ( NVS ) has agreed to acquire preclinical-stage biotechnology company Mariana Oncology in a deal valued at up to $1.75 billion, the companies said Thursday.

Novartis ( NVS ) will make an upfront payment of $1 billion and an additional $750 million in payments upon completion of pre-specified milestones, the companies said in separate statements.

According to Novartis ( NVS ), the deal will support its strategic priorities in radioligand therapies to treat a range of solid tumor indications including breast, prostate, and lung cancer.

The acquisition is subject to customary closing conditions, the companies said.

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