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Shares of Chinook Therapeutics KDNY rose 67% to $40.02 after it agreed to be bought by Novartis NVS for up to $3.5 billion. Holders of Chinook will receive $3.2 billion, or $40 per share, in cash upon closing, plus a contingent value right with a value of up to $0.3 billion, or $4 per share. Novartis said Chinook has two high-value, late-stage medicines in development for rare, severe chronic kidney diseases
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