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Chinook downgraded to Market Perform from Outperform at William Blair

William Blair analyst Matt Phipps downgraded Chinook Therapeutics (KDNY) to Market Perform from Outperform without a price target entered into an agreement and plan of merger with Novartis (NVS) pursuant to which Novartis will acquire Chinook for $40 per share in cash, or a total of $3.2B. The firm views the deal as a “great outcome” for Chinook investors.

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