The acquisition will add AveXis top drug to its repertoire of drugs, which has a significant market in the U.S. for spinal muscular atrophy.
On Monday, Switzerland-based healthcare giant Novartis announced its $8.7 billion deal to acquire AveXis; Novartis will pay $218 per share in a cash for every AveXis’ share.
The successful acquisition will add AveXis’s top drug hopeful, to its basket of drugs, which targets spinal muscular atrophy. In the U.S., the drug is designated as a significant breakthrough in therapies.
Having just agreed to sell a stake in its consumer healthcare joint venture for $13 billion to GlaxoSmithKline, Novartis is flush with cash.