Novartis Buying AveXis for $8.7 Billion -- Deal Digest
April 09 2018 - 12:00PM
Dow Jones News
By Cara Lombardo
ACQUIRER: Switzerland-based Novartis AG (NVS)
TARGET: Illinois-based AveXis Inc. (AVXS)
PRICE: $8.7 billion in cash. Novartis will pay AveXis
shareholders $218 a share, about an 88% premium to AveXis's Friday
closing price.
RATIONALE: Novartis is expanding its bet on gene therapy and
hoping a promising drug AveXis is developing for therapies aimed at
spinal muscular atrophy will become a blockbuster.
STATUS: Both companies' boards have unanimously approved the
deal agreement.
EXPECTED CLOSE: Mid-2018.
STOCK MOVES: AveXis shares are up 77% midday Monday. Novartis
shares trading in New York rose 0.9%.
Write to Cara Lombardo at cara.lombardo@wsj.com
(END) Dow Jones Newswires
April 09, 2018 11:45 ET (15:45 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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