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The clearance marks another step forward in treatment for IgA nephropathy and sets up a commercial battle with Otsuka, which brought a similar medication to market last year.

The California drugmaker, which has collaborations in place with Biogen, Sanofi and Eli Lilly, could be the 14th biotech to go public in 2026.

The deal hands over two ADCs with a different mechanism of action targeting cell growth, and marks Novartis' entry into ADC development.