Novartis to acquire AveXis for $8.7B

Novartis AG (NYSE:NVS; SIX:NOVN) is acquiring gene therapy company AveXis Inc. (NASDAQ:AVXS) for $218 per share, or about $8.7 billion. The price represents an 88% premium to AveXis' close of $115.91 on April 6, before the deal was announced.

The deal will give Novartis AVXS-101, a gene therapy that is in Phase III testing to treat spinal muscular atrophy (SMA). Novartis said the therapy could deliver peak sales in the multibillion dollar range.

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