Novartis shells out $8.7 billion to buy AveXis

Novartis (NOVN.S) said on Monday it plans to buy AveXis (AVXS.O) 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 (GSK.L).

(REUTERS)