The pharmaceutical 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 giant Novartis has agreed to acquire Anthos Therapeutics, a biopharma firm majority-owned by Blackstone's drug development unit, for up to $3.1 billion, the companies said on Tuesday.