Pharma BD Deal Intelligence
Novartis keeps returning to the same well: this is its third deal with Argo Biopharma, paying $160M upfront and up to $5.2B for BW-00112 and next-gen cardiovascular siRNAs — a vote of confidence that comes with a non-binding nod toward joining Argo's next funding round, not a firm one.
Outcome grade pending — assessed 5 years post-close.
Full analysis, sources & comparables →Argo will receive an upfront payment of $160 million and is eligible for potential milestone and option payments of up to $5.2 billion, plus tiered royalties.…
Novartis is once again turning to Argo Biopharma, this time handing over $60 million upfront and up to $5.2 billion in biobucks for a multi-asset…
Novartis pens $5.2bn cardiovascular partnership with Argo, paying $160 million upfront for an R&D alliance covering multiple cardiovascular siRNA drugs.
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Novartis expanded its collaboration with Argo Biopharma for multiple cardiovascular siRNA assets - the third transaction between the parties. Argo receives $160M upfront, up to $5.2B in milestone and option payments, and tiered royalties. Includes an option on ex-China rights to two discovery-stage molecules for severe hypertriglyceridemia / mixed dyslipidemia, a right of first negotiation on BW-00112 (ANGPTL3, Phase 2), and a license to an additional IND-enabling hepatic siRNA. Novartis also signaled a non-binding intention to join Argo's next equity financing round.
3.5M US cases/yr · $8.5B US Cardiovascular / Dyslipidemia Market (2024)
Severe hypertriglyceridemia (sHTG) is defined by fasting triglyceride levels >=500 mg/dL and carries a substantial risk of acute pancreatitis, accelerated atherosclerosis, and cardiovascular events. Mixed dyslipidemia combines elevated triglycerides with abnormal LDL-C and reduced HDL-C, and frequently co-occurs with metabolic syndrome, type 2 diabetes, and non-alcoholic fatty liver disease. Standard-of-care pharmacotherapy (statins, fibrates, omega-3 fatty acids, niacin) fails to adequately control triglycerides in a meaningful subset of patients, particularly those with familial chylomicronemia syndrome (FCS) and genetic contributors such as LPL, APOC3, and ANGPTL3 variants. The ANGPTL3 pathway has emerged as a validated target because loss-of-function carriers show reduced triglycerides, LDL-C, and cardiovascular risk without adverse consequences. Evinacumab (anti-ANGPTL3 antibody) is approved for homozygous familial hypercholesterolemia, and olpasiran, zodasiran, and plozasiran represent newer siRNA and antisense approaches targeting lipid pathways. Persistent residual cardiovascular risk despite LDL-C control has redirected attention to triglyceride-rich lipoproteins as a therapeutic priority.
The dyslipidemia competitive landscape spans several mechanistic classes. PCSK9-directed therapies include Repatha (evolocumab, Amgen) and Praluent (alirocumab, Regeneron/Sanofi) as injectable antibodies, and Leqvio (inclisiran, Novartis) as a twice-yearly siRNA. ANGPTL3 inhibition is anchored by Evkeeza (evinacumab, Regeneron), an approved antibody for HoFH, with siRNA competitors including Arrowhead's zodasiran (ARO-ANG3) and Alnylam's discontinued ALN-ANG. APOC3 targeting features Ionis/Akcea's Waylivra (volanesorsen, antisense), Ionis/AstraZeneca's olezarsen (Tryngolza), and Arrowhead's plozasiran (ARO-APOC3). Lp(a)-lowering assets include Novartis's pelacarsen (antisense), Amgen's olpasiran (siRNA), and Silence Therapeutics' zerlasiran (siRNA). Small-molecule statins (rosuvastatin, atorvastatin), fibrates (fenofibrate), and omega-3 prescription products (Vascepa/icosapent ethyl, Amarin) remain foundational. The shift toward durable, infrequently-dosed genetic medicines favors siRNA platforms such as Argo's GalNAc-conjugated ANGPTL3 program.
Review confirmed via Argo Biopharma company IR that the upfront payment is $160M (prior database value of $60M was an error). Milestone/option ceiling of up to $5.2B and tiered royalties confirmed. Deal remains an open option/license; BW-00112 still Phase 2.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Novartis AG / Argo Biopharmaceutical Co., Ltd. (this deal) | 2025 | $5.3B | — |
| Novartis AG / Advanced Accelerator Applications S.A. | 2017 | $3.9B | 98 |
| Novartis AG / Endocyte, Inc. | 2018 | $2.1B | 96 |
| Novartis AG / Lek Pharmaceuticals d.d. | 2002 | $876M | 88 |
| Novartis AG / GlaxoSmithKline plc | 2014 | $16.0B | 81 |
| Novartis AG / PTC Therapeutics Inc. | 2024 | $2.9B | 80 |
| Novartis AG / Chinook Therapeutics Inc. | 2023 | $3.5B | 78 |
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