By Denise Roland

Novartis AG (NVS) has agreed to pay up to $1.6 billion to Ionis Pharmaceuticals Inc. (IONS) and its unit Akcea Therapeutics for the rights to two cardiovascular drugs.

The deal involves an upfront payment to Iona and Akcea of $75 million plus a $100 million equity investment in Iona. Novartis has also agreed to invest a further $50 million in either Ionis or Akcea within 18 months, as well as payments worth up to $1.4 billion should the drugs prove successful.

Both drugs aim to lower the level of cholesterol-carrying proteins in the blood and reduce the risk of certain cardiovascular diseases developing.

Write to Denise Roland at denise.roland@wsj.com

(END) Dow Jones Newswires

January 06, 2017 06:02 ET (11:02 GMT)

Copyright (c) 2017 Dow Jones & Company, Inc.
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