NOVARTIS ENTERS AGREEMENT TO ACQUIRE AVEXIS INC. FOR USD 8.7 BN
Novartis announced they will merge with AveXis Inc. for 218 per share or a total of 8.7 billion in cash, this transaction was unanimously approved by Boards of both companies. AveXis has ongoing clinical studies for the treatment of SMA, spinal muscular atrophy, this is the number one genetic cause of death in infants. This treatment, if approved, would be the first-in-class one-time therapy that address the root genetic cause of SMA by replacing the defective SMN1 gene.
Paul Hudson, CEO Novartis Pharmaceuticals, said: “Bringing AveXis on board would support both our ambition to be a leader in neurodegenerative diseases and our Neuroscience franchise priorities to strengthen our position in devastating pediatric neurological diseases such as SMA. We relish the opportunity to leverage our expertise, our 70-plus year heritage in neuroscience and our global footprint to help AVXS-101 benefit high-need SMA patients around the world.”