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Novartis offers $3.9B to acquire Advanced Accelerator

October 30, 2017 10:44 PM UTC

Novartis AG (NYSE:NVS; SIX:NOVN) offered to acquire Advanced Accelerator Applications S.A. (NASDAQ:AAAP) for $82 per ADS in a deal the companies say values Advanced Accelerator at $3.9 billion. The price is a 12% premium on Advanced Accelerator's close of $72.91 on Friday, Oct. 27.

Novartis would gain Lutathera (177-Lu-Dotatate), a radiolabeled somatostatin analog that targets somatostatin receptors, and its companion diagnostics SomaKit TOC edotreotide and Netspot. Lutathera was approved by the European Commission in September for the treatment of unresectable or metastatic, progressive, well-differentiated, somatostatin receptor-positive gastroenteropancreatic neuroendocrine tumors (GEP-NETs) in adults. A resubmitted NDA for Lutathera to treat GEP-NETs in adults is under FDA review, with a Jan. 26 PDUFA date...