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Novartis bets big on gene therapy with $8.7 billion AveXis deal

This is Novartis's second notable gene therapy deal this year

Reuters  |  Zurich 

Swiss drugmaker Novartis is moving further into gene therapy by buying AveXis for $8.7 billion, adding a rare-disease treatment that could reap billions in sales. The acquisition reflects a surge of interest in biotech deal-making as large pharmaceutical companies seek promising new assets to boost their pipelines. The $218-per-share cash deal announced on Monday represents a 72 percent premium to AveXis's 30-day volume-weighted average stock price. The transaction is seen closing in mid-2018. Novartis Chief Executive Vas Narasimhan, who took over on Feb. 1, is flush with ...

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First Published: Mon, April 09 2018. 20:49 IST
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