Novartis agreed to acquire SNV4818 in a deal worth up to $3 billion, while Collegium Pharmaceutical is set to acquire Azstarys for up to $785 million.
Both Novartis and Collegium announced acquisition agreements for a pan-mutant-selective PI3Kα inhibitor, an Azstarys respectfully.
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The acquisitions highlight continued consolidation across oncology and CNS therapeutics, as Novartis and Collegium Pharmaceutical each moved to strengthen their pipelines through targeted deals.
Novartis has agreed to acquire SNV4818, a pan-mutant-selective PI3Kα inhibitor being developed for hormone receptor-positive, HER2-negative breast cancer, in a deal worth $2 billion upfront and upwards of $1 billion in milestone payments.1
The acquisition is structured as a purchase of Pikavation Therapeutics, a wholly owned subsidiary of Synnovation Therapeutics that holds the PI3Kα inhibitor portfolio including SNV4818.1
The transaction is expected to close in the first half of 2026.
SNV4818 is currently in a Phase I/II clinical trial for breast cancer and other advanced solid tumors. The drug targets a well-established vulnerability in HR+/HER2- breast cancer. PI3Kα, mutations are present in approximately 40% of patients with the subtype and are associated with worse disease prognosis.1
What differentiates SNV4818 from existing PI3Kα inhibitors is its selectivity as current approved options block both the mutated and normal forms of the enzyme, causing tolerability problems that make consistent dosing difficult.1 SNV4818 is designed to target only the mutated form found in tumor cells, sparing healthy tissue and potentially enabling more durable treatment and easier combination with hormonal therapies and CDK inhibitors.
Shreeram Aradhye, president of development at Novartis, said the drug applies new mutant-selective chemistry to more precisely target tumor biology. "This approach has the potential to translate proven biology into improved tolerability and more durable benefit for patients through precision medicine," he said.
Collegium Pharmaceutical is set to acquire Azstarys, a prescription stimulant for ADHD, from Corium Therapeutics for $650 million in cash, with up to $135 million in additional milestone payments tied to future commercial and regulatory performance.2
The transaction is expected to close in the second quarter of 2026 and has been unanimously approved by both companies' boards.
Azstarys contains serdexmethylphenidate and dexmethylphenidate and is approved for the treatment of ADHD in patients aged six and older. It is the first and only ADHD treatment combining both immediate-release and long-acting components in a single capsule.2
In 2025, Azstarys generated more than 760,000 prescriptions and is expected to produce over $50 million in net revenue in the second half of 2026.2
For Collegium, the deal extends and diversifies a commercial portfolio that already includes the ADHD treatment Jornay PM. The company says it expects run-rate synergies exceeding $50 million within twelve months of closing, with Azstarys being supported by six Orange Book-listed patents, most of which do not expire until December 2037.
The $650 million purchase price will be funded through a combination of existing cash and a $300 million delayed draw term loan from a credit facility established in December 2025.2
Vikram Karnani, president and CEO of Collegium, said the acquisition accelerates the company's growth trajectory and extends its ADHD revenue base well into the next decade. The deal is expected to be immediately accretive to adjusted Ebitda, with net leverage at closing projected at approximately two times estimated 2026 combined adjusted Ebitda.
