Pharma BD Deal Intelligence
A $185M-upfront licensing deal that gave Novartis exclusive rights to Shanghai Argo Biopharmaceutical's cardiovascular siRNA programs, with total consideration exceeding $4.16B in milestones. The thesis is already paying off: a covered asset reached Phase 2 for hypertension in 2025, triggering milestones, and Novartis expanded the alliance with a third transaction that same year.
Shanghai Argo announces multi-program RNAi licenses and strategic collaborations with Novartis valued at up to $4.165 billion with $185 million in upfront…
Shanghai Argo enters two exclusive license and collaboration agreements with Novartis for RNAi cardiovascular assets with combined potential value of…
Novartis opened 2024 with a pair of cardiovascular contracts with Chinese biotech Shanghai Argo Biopharmaceutical.
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In January 2024 Novartis entered two exclusive license and collaboration agreements with Shanghai Argo Biopharmaceutical for cardiovascular siRNA (RNAi) programs from Argo's RADS platform, paying $185M upfront against total potential consideration exceeding $4.16B in option and milestone payments plus tiered royalties. The alliance has since matured: in June 2025 BW-00163 (QCZ484), one of the assets covered by this agreement, advanced into a Phase 2 hypertension trial (ClinicalTrials.gov NCT06857955), triggering a milestone payment to Argo. Novartis and Argo subsequently expanded their relationship with a third transaction in September 2025 ($160M upfront, up to ~$5.2B), underscoring the durability of the original 2024 deal thesis.
Argo/Novartis next-generation siRNA for mixed dyslipidemia is investigational, targeting patients with combined LDL-C and triglyceride elevation. ANGPTL3-directed siRNA and antibodies (emerging MOA class with dual lipid effect): zodasiran (ARO-ANG3, Arrowhead Pharmaceuticals) showed 63% triglyceride reduction and 20% LDL-C reduction in ARCHES-2 Phase 2b per The Lancet; evinacumab (Evkeeza, Regeneron) is FDA-approved anti-ANGPTL3 monoclonal in HoFH; solbinsiran (LY3561774, Eli Lilly) is in Phase 2. ApoC3-directed siRNA and antisense (primary TG-lowering MOA): olezarsen (Tryngolza, Ionis) is FDA-approved December 2024 for familial chylomicronemia syndrome and in Phase 3 for severe hypertriglyceridemia; plozasiran (ARO-APOC3, Arrowhead) is in Phase 3 MUIR and SHASTA. PCSK9-directed (LDL-C focused, adjacent): alirocumab (Praluent, Regeneron/Sanofi), evolocumab (Repatha, Amgen), and inclisiran (Leqvio, Novartis siRNA) dominate severe-LDL and ASCVD secondary prevention. Statins plus ezetimibe (1L standard): atorvastatin (Lipitor), rosuvastatin (Crestor), and ezetimibe (Zetia, Merck) remain first-line across dyslipidemia. Omega-3 ethyl esters: icosapent ethyl (Vascepa, Amarin) is FDA-approved for CV risk reduction at 500-750 mg/dL TG. Commercial framing: mixed dyslipidemia is a large segment (~15-20M US patients per ATP-III criteria); Argo's value depends on combined LDL-C/TG reduction superior to zodasiran monotherapy or statin+siRNA combinations.
Argo/Novartis next-generation siRNA for severe hypertriglyceridemia (sHTG, TG >500 mg/dL) targets ~3-4M US patients at pancreatitis risk. ApoC3-directed siRNA and antisense (direct MOA class, first-to-market in related indication): olezarsen (Tryngolza, Ionis) received FDA approval December 2024 for familial chylomicronemia syndrome (FCS) per Balance trial (TG reduction ~43%) and is in Phase 3 CORE and Essence for broader sHTG; plozasiran (ARO-APOC3, Arrowhead) is in Phase 3 SHASTA-3/4 for sHTG and MUIR for mixed dyslipidemia, with PALISADE FCS data showing ~80% TG reduction; volanesorsen (Waylivra, Ionis/Akcea) is EMA-approved for FCS but not FDA-approved due to thrombocytopenia signal. ANGPTL3-directed (emerging MOA with TG effect): zodasiran (ARO-ANG3, Arrowhead, Phase 3), evinacumab (Evkeeza, Regeneron, HoFH-approved), and solbinsiran (Eli Lilly, Phase 2). Fibrates (legacy TG-lowering standard): fenofibrate (Tricor, Trilipix, generics) and gemfibrozil remain cheap backbone. Omega-3 ethyl esters: icosapent ethyl (Vascepa, Amarin) and omega-3-acid ethyl esters (Lovaza, GSK/generic) are FDA-approved at 500+ mg/dL. Niacin (extended-release) is used off-label. Commercial framing: ApoC3 siRNAs (Tryngolza, plozasiran) define the sHTG bar; Argo's third-generation siRNA must match or beat ~70-80% TG reduction with quarterly or semi-annual dosing and acceptable platelet safety to take share.
BW-00112 (Argo/Novartis ANGPTL3-targeted siRNA) is an investigational GalNAc-conjugated siRNA for homozygous familial hypercholesterolemia (HoFH) and broader atherogenic dyslipidemia. ANGPTL3 inhibitors (direct target class): evinacumab (Evkeeza, Regeneron) is an anti-ANGPTL3 monoclonal antibody FDA-approved February 2021 for HoFH in patients aged 5+ per ELIPSE-HoFH and is the incumbent with Regeneron reporting ~$100M+ annualized sales per recent 10-Qs; zodasiran (ARO-ANG3, Arrowhead Pharmaceuticals siRNA) is in Phase 2/3 for mixed dyslipidemia and HoFH; solbinsiran (LY3561774, Eli Lilly ANGPTL3 siRNA) is in Phase 2. PCSK9-directed agents (adjacent MOA in severe LDL-C lowering): alirocumab (Praluent, Regeneron/Sanofi) and evolocumab (Repatha, Amgen) are FDA-approved monoclonals with Repatha generating ~$1.5B FY2023 per Amgen 10-K; inclisiran (Leqvio, Novartis PCSK9 siRNA) is FDA-approved with Novartis reporting ~$360M FY2023 sales. Lp(a)-directed siRNA/ASO (adjacent cardiovascular residual-risk class): olpasiran (Amgen Phase 3), pelacarsen (Novartis/Ionis Phase 3), and lepodisiran (Eli Lilly Phase 3). Standard-of-care backbone: statins (atorvastatin/Lipitor, rosuvastatin/Crestor, now generic) plus ezetimibe (Zetia, Merck/generic) and bempedoic acid (Nexletol, Esperion). Commercial framing: BW-00112 must leapfrog Evkeeza on dosing convenience (quarterly/semi-annual siRNA vs monthly IV) and compete with Arrowhead's zodasiran for non-HoFH atherogenic segments.
Novartis AG completed its acquisition of Shanghai Argo Biopharmaceutical Co. Ltd. for $4.2B. Novartis entered exclusive license and option agreements with Shanghai Argo for two cardiovascular targets, paying $185M upfront with total deal potential of $4.165B.
Novartis paid $185M upfront for ex-China license on Phase 1/2a CV asset plus options on two additional targets.
BW-00163 (QCZ484), an siRNA asset licensed under the January 2024 Novartis-Argo agreement, entered Phase 2 for hypertension, triggering a milestone payment to Argo (ClinicalTrials.gov NCT06857955).
Third transaction with Argo worth up to $5.2B. $160M upfront. Total relationship now $9.4B potential.
Partnership expanded to third transaction. >$345M upfront committed across deals.
Three deals totaling $9.4B potential. Novartis doubling down on Argo RNAi CV platform.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Novartis AG / Shanghai Argo Biopharmaceutical Co. Ltd. (this deal) | 2024 | $4.2B | 70 |
| 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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