Novartis, a Swiss-based drug manufacturer, has agreed to acquire AveXis, a US-based clinical stage gene therapy company.
It was reported on Monday that the deal is valued at USD8.7bn in an all-cash transaction. The deal has been unanimously approved by the boards of the two companies and Novartis will pay USD218 for each share of AveXis. It is intended to allow Novartis to grow its position in the gene therapy and neuroscience areas.
AveXis is currently carrying out several clinical studies for the treatment of spinal muscular atrophy (SMA). AveXis' lead gene therapy candidate is AVXS-101, which has been granted orphan drug designation from the US Food and Drug Administration (FDA) for the treatment of SMA.
The acquisition is likely to be completed in the middle of this year, provided it successfully fulfils the tender offer and satisfies all other closing conditions.
European Commission approves Sobi's Aspaveli for rare kidney diseases
US FDA accepts IND application for AskBio's AB-1009
EspeRare and n-Lorem partner to expand European access to ASO therapies for rare genetic diseases
Bionpharma and STEERLife's Etravirine tablets approved by US FDA
Kestra partners with Biobeat to add cuffless blood pressure monitoring to wearable defibrillator
argenx secures FDA priority review for VYVGART in seronegative myasthenia gravis
Abbisko Therapeutics reports US FDA acceptance of pimicotinib NDA
Formosa Pharmaceuticals licenses APP13007 ophthalmic therapy to Samil for South Korea
Summit Therapeutics submits FDA application for ivonescimab in EGFR-mutated lung cancer
Sanofi's Teizeild approved in EU to delay stage 3 type 1 diabetes
Renalytix expands US clinical footprint with three kidneyintelX.dkd integrations
EQT Life Sciences exits Vivasure Medical in EUR185m sale to Haemonetics
FDA accepts NDA resubmission for Camurus' acromegaly drug Oclaiz