Novartis (NVS) on Tuesday agreed to acquire biopharmaceutical firm Anthos Therapeutics in a deal worth up to $3.1 billion, as the Swiss pharmaceutical giant looks to boost its cardiovascular portfolio.

Anthos was launched by Novartis and Blackstone (BX) unit Blackstone Life Sciences in 2019. The firm has exclusive global rights from Novartis to develop, manufacture and commercialize abelacimab, a therapeutic candidate for the prevention of stroke and systemic embolism in patients with atrial fibrillation, as well as to stop the recurrence of blood clots in cancer patients.

Under the terms, Novartis will pay $925 million upfront to Anthos shareholders upon completion of the transaction. The deal also includes potential additional payments of up to $2.15 billion based on the achievement of specific regulatory and sales milestones.

The transaction is expected to be completed in the first half of this year.

"We are excited to join forces to advance the development of abelacimab," Novartis Chief Medical Officer Shreeram Aradhye said in a statement. The acquisition strengthens the Swiss company's focus in the cardiovascular segment and complements its portfolio of life-changing treatments and comprehensive clinical programs, according to Aradhye.

Abelacimab is currently being evaluated in a phase 3 clinical trial for patients with atrial fibrillation, as well as two phase 3 studies for cancer-associated thrombosis. Data from these trials are expected to be disclosed in the second half of 2026.

Abelacimab received a fast-track designation from the Food and Drug Administration in July 2022 for the treatment of thrombosis linked with cancer and in September 2022 for the prevention of stroke and systemic embolism in patients with atrial fibrillation.

"With its deep roots in the cardiovascular space, Novartis is especially well positioned to advance abelacimab's clinical development and bring this innovative product to healthcare providers and patients," Anthos Chief Executive Bill Meury said in a separate statement.