The pharma giant said it has agreed to acquire the U.S. privately held, clinical-stage biopharmaceutical company to boost its cardiovascular pipeline.

Under the terms of the agreement, Novartis will pay $925 million upfront and up to $2.15 billion, contingent upon achievement of regulatory and sales milestones. The transaction, which could reach $3.1 billion in total value, is expected to close in the early part of 2025.

Swiss pharmaceutical firm Novartis said on Tuesday that it has agreed to buy privately held, clinical-stage US biotech Anthos Therapeutics for up to $3.1 billion. As part of the agreed terms, Novartis will make an upfront payment of $925 million upon closing of the transaction,