Novartis buys US gene-therapy company for $8.7 billion
Swiss drugmaker Novartis has agreed to buy US gene-therapy company AveXis for $8.7 billion, an 88% premium to its Friday closing price. AveXis is developing a product to treat spinal muscular atrophy, an inherited neurodegenerative disease caused by a single defective gene. "We believe the medicine would have a multi-billion dollar peak sales potential," Novartis CEO Vasant Narasimhan said.