April 9, 2018 / 5:00 AM / 5 months ago

Novartis AG to buy AveXis Inc for $8.7 billion

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

Logo of Swiss drugmaker Novartis is seen at its branch in Schweizerhalle near Basel, Switzerland, March 29, 2018. REUTERS/Arnd Wiegmann

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

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