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.
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