Third Rock exits Pikavation (of Synnovation) to Novartis

On March 20, 2026, Synnovation Therapeutics announced a definitive agreement for Novartis to acquire Pikavation Therapeutics and its portfolio of PI3Kα inhibitor programs, including SNV4818. Pikavation is a wholly-owned subsidiary of Synnovation that develops precision oncology therapies that selectively target cancer-driving mutations, giving Novartis a promising new treatment approach and strengthening its oncology pipeline. Under the final terms of the agreement, Novartis paid Synnovation $1.8B upfront, and will pay up to $1.2B in development, regulatory, and commercial milestones, for a total potential cash consideration of up to $3B. The transaction closed on May 28, 2026. Third Rock led Synnovation’s $25M Seed-2 round in 2023. GroveStreet has been an investor in Third Rock since 2007. Read the announcement here.

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