April 9, 2018 / 5:02 AM / 3 months ago

Novartis shells out $8.7 bln to buy AveXis

ZURICH, April 9 (Reuters) - Novartis said on Monday it plans to buy AveXis for $218 per share in a cash deal totaling $8.7 billion as the Swiss drugmaker adds a company whose top drug hopeful, for spinal muscular atrophy, has U.S. breakthrough therapy designation.

Novartis is flush with cash, having just agreed to sell its stake in a consumer healthcare joint venture for $13 billion to GlaxoSmithKline. (Reporting by)

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