Novartis boosts its heart failure treatments with $620M Corthera buy

Novartis, a company that produces and distributes a variety of health care products, has bought heart failure drug maker Corthera in order to strengthen its offerings in that area. The company will pay $120 million in cash for the acquisition, with an additional $500 million if certain milestones are hit.

San Mateo, Calif.-based Corthera’s lead drug candidate, relaxin, is still in phase three clinical trials. It is hoping to submit it for approval in the U.S. and Europe by 2013. The company was sold by its investors, Domain Associates, Caxton Advantage Life Science Fund, Kleiner Perkins Caufield & Byers and Sears Capital Management. It previously raised $55 million.

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