Novartis buying AveXis for $8.7B in big gene therapy bet
Swiss drugmaker Novartis said Monday that it will acquire a Chicago-based gene therapy company that has been working on a new treatment for infants in an $8.7 billion deal.
Swiss drugmaker Novartis said Monday that it will acquire a Chicago-based gene therapy company that has been working on a new treatment for infants in an $8.7 billion deal.
The acquisition of AveXis would give Novartis a broader stake in the evolving field of gene therapy, which is aimed at finding treatments for rare and life-threatening neurological genetic diseases.
"The acquisition would also accelerate our strategy to pursue high-efficacy, first-in-class therapies and broaden our leadership in neuroscience,". said Novartis CEO Vas Narasimhan in a statement.
AveXis said it has been working on clinical studies for the treatment of spinal muscular atrophy, or SMA. The neurodegenerative disease in infants either kills nine of 10 babies before their second birthday or leaves them dependent on ventilators, it said.
Narasimhan called AveXis" treatment presents "an extraordinary opportunity to transform the care of SMA" that could create a "lifetime of opportunities" for children afflicted by it.
At $218 a share, Novartis, based in Basel, Switzerland, is offering AveXis shareholders an 88% premium to its closing price Friday.
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