Novartis will acquire the CNS disorder drug developer after backing its series B round in late 2018, also providing an exit for Access Industries.

Pharmaceutical firm Novartis agreed yesterday to acquire US-based cognitive, mood and movement disorder therapy developer Cadent Therapeutics in a deal sized at up to $770m, enabling conglomerate Access Industries to exit.

Cadent’s shareholders will receive a $210m upfront cash payment in addition to up to $560m in payments linked to milestone achievements. Its board and shareholders have already approved the acquisition, which is expected to close during the first quarter of 2021.

Founded in 2017 from the merger of Luc…