April 9, 2018 / 6:07 AM / Updated 34 minutes ago

Novartis AG to buy AveXis Inc for $8.7 billion

Reuters Staff

1 Min Read

(Reuters) - Swiss drugmaker Novartis AG will buy U.S. gene therapy company AveXis Inc for $8.7 billion in cash, the companies said on Monday.

A man walks past the logo of Swiss drugmaker Novartis AG in front of a plant in Basel October 25, 2011. REUTERS/Arnd Wiegmann/File Photo

The $218-per-share offer represents a premium of 88 percent to AveXis’ Friday close.

Reporting by Kanishka Singh in Bengaluru; Editing by Gopakumar Warrier