Buying spree FT today10 Apr 2018 08:18
"Swiss pharmaceuticals company Novartis plans to spend $8.7bn buying AveXis, a US specialist in spinal muscular atrophy, a childhood wasting disease, in the latest strategic move by its new chief executive.
Vas Narasimhan, who took over as Novartis�s boss in February, said Nasdaq-listed AveXis, which has yet to report any revenues, would significantly increase Novartis�s strength in gene therapies, and offered �multibillion sales potential�.
The new Novartis boss has embarked on an acquisition spree as part of his plans to boost Novartis�s core business areas of innovative prescription medicines, as well as oncology, generics and eyecare."