Novartis will be gaining global rights to Kyorin Pharmaceutical’s pre-clinical inflammatory disease drug in a deal worth over $830m.

The agreement gives Novartis an exclusive worldwide licence to develop, manufacture and commercialise KRP-M223, an MRGPRX2 antagonist for chronic spontaneous urticaria (CSU) and other allergic and inflammatory diseases involving mast cells.

Approximately 40 million people globally are affected by CSU, a common skin condition characterised by the sudden appearance of raised, itchy and sometimes painful hives (wheals) that last for at least six weeks.

Alongside its physical symptoms, CSU can significantly impact well-being, with many patients experiencing sleep deprivation, as well as psychiatric disorders such as anxiety and depression.

Under the terms of the agreement, Kyorin will receive $55m upfront and will be eligible for milestone payments of up to $777.5m, as well as tiered royalties on net sales. Kyorin will also have the option to commercialise KRP-M223 in Japan, with Novartis retaining its own option to co-promote the product in this market.

Novartis has made a number of recent deals to expand its pipeline across multiple therapeutic areas. In February, the company announced that it will be acquiring Anthos Therapeutics for approximately $3.1bn.