Tags: APFN | EU | Switzerland | Novartis | AveXis

Swiss Giant Novartis to Buy US-based AveXis in $8.7B Deal

Monday, 09 April 2018 06:39 AM

GENEVA (AP) — Swiss pharmaceuticals giant Novartis says it has agreed to buy the U.S.-based gene therapy company AveXis Inc. for $8.7 billion, part of its goal to become a leader in the treatment of neurodegenerative diseases.

The two companies say their respective boards have voted unanimously to approve the deal, to be paid for through cash and short-term borrowing.

The tender offer for $218 per share announced Monday marks a whopping 88 percent premium from AveXis' closing price in Nasdaq trading on Friday.

Basel, Switzerland-based Novartis called the deal set to close in mid-2018 a "financially attractive acquisition with multi-billion dollar peak sales potential" even if it isn't expected to add to core operating income until 2020.

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Swiss pharmaceuticals giant Novartis says it has agreed to buy the U.S.-based gene therapy company AveXis Inc. for $8.7 billion, part of its goal to become a leader in the treatment of neurodegenerative diseases.The two companies say their respective boards have voted...
APFN,EU,Switzerland,Novartis,AveXis
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2018-39-09
Monday, 09 April 2018 06:39 AM
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