
Berenberg Bank set a CHF 91 price objective on shares of Novartis and gave the company a "neutral" rating in a research report on Friday, January 26th.
Swiss pharmaceuticals giant Novartis says it has agreed to buy the USA -based gene therapy company AveXis Inc. for $8.7 billion, part of its goal to become a leader in the treatment of neurodegenerative diseases.
"We look forward on the closing of the deal to a smooth transition for AveXis employees and welcoming them to Novartis", Vas Narasimhan, Novartis' CEO, said in a separate press release.
"The commitment, drive and expertise of the entire AveXis team has created significant stockholder value, and we are pleased that Novartis recognizes that value in the potential of AVXS-101", Sean Nolan, president and CEO of AveXis, said in its release. In January, Novartis inked a licensing and supply deal with Spark Therapeutics to develop, register and commercialize Spark's gene therapy Luxturna (voretigene neparvovec) outside the U.S. Luxturna is a one-time gene therapy to treat patients with biallelic mutations of the RPE65 gene. NVS believes that the drug can strengthen its position as a leader of gene therapy and neuroscience. In addition - and perhaps more importantly in the long term - Novartis will acquire AveXis' gene therapy manufacturing facility and a drug delivery platform based on adeno-associated virus (AAV) 9 technology.
France's Sanofi agreed to buy U.S haemophilia specialist Bioverativ for $11.6 billion and Belgium's Ablynx for 3.9 billion euros.
Thompson Rubinstein Investment Management Inc increased its stake in Novartis Ag Spon Adr (NVS) by 8.39% based on its latest 2017Q4 regulatory filing with the SEC.
United States regulators have already designated AVXS-101 an orphan drug for the treatment of SMA as well as a breakthrough therapy for SMA Type 1, the number one genetic cause of death in infants.
Bahrain GP: Lewis Hamilton braced for hard race - and close season
Whilst Max Verstappen looks set to remain a controversial character in the sport, his talent is undeniable. This miscalculation led to Verstappen striking Hamilton as he attempted to avoid Alonso.
Cost of Possible US-China Trade War Becomes More Apparent
The White House is now threatening China with tariffs on $150 billion in imports, $100 billion more than its initial proposal . Mnuchin said the United States doesn't intend to "lay out our negotiations in the public domain".
Will be out of Nirav Modi mess in 6 months: PNB MD
At least 13 trading houses, including fugitive diamond merchant Mehul Choksi's Gitanjali Gems Limited, benefited under the modified scheme.
SMA is a genetic disease affecting the part of the nervous system that controls voluntary muscle movement, and commonly leads to death in young children. Additional data is due for release this month, Narasimhan said.
"Novartis is taking the view that AveXis's. transgene approach trumps Biogen/Ionis' approved Spinraza and other agents in development", UBS analysts wrote.
Mr Narasimhan said the transaction reflected Novartis' strategy of hunting for new medicine and new technologies to buttress the portfolio of drugs it is developing in-house.
"Our goal is to continue to build on our core medicine", he said.
The agreement follows preclinical studies showing that gene therapy using the NAV AAV9 delivery platform is effective against ALS and Rett syndrome.
Novartis's financial adviser on the deal was Dyal Co LLC, while AveXis's was Goldman Sachs.
Related News:
-
Scott Pruitt's Overworked Security Team Has Cost Taxpayers $3 Million
But that official said in a report obtained by CNN that he was not given all of the facts when making that determination. Renting the condominium from the energy lobbyist has become the focal point of controversies surrounding Pruitt.Trump Threatens China With $100 Billion In Additional Trade Penalties
The administration later stressed that any additional tariffs first would be subject to a 60-day public comment period. Meanwhile, as Undercurrent News recently reported, the United States imported seafood from China worth $2.6bn in 2017.Amazon Echo Speakers Become A Home Intercom
This is unnecessary and useless, since the problem derives from a software glitch from the recent firmware update. Users can also add a new song using the voice commands, or create a new playlist with a song as the first track. -
Russell Crowe 'Divorce Auction': Memorabilia Up For Grabs In Sydney
But there was also some top-notch Australian art on show from artists such as Sidney Nolan and Margaret Olley. Crowe who died two years ago is still regarded by many as this country's greatest test batsman.Lula says innocent but ready to surrender
Throughout the whole ordeal, Lula has repeatedly denied any wrongdoing and declared himself a victim of political persecution. Later, Lula Da Silva underwent a medical examination, mandatory for all inmates who are starting to serve their jail term.Montreal Canadiens: Jake Evans sends Notre Dame to the Frozen Four Finals
Morrison went wide and threw a centering pass to Evans, who looked like he was tied up by MI defender Quinn Hughes. We've been in these situations where if we go into overtime we're still going to be battling as hard as we can. -
YouTube shooting: the suspect's final days
The San Jose Mercury News , citing a law enforcement source, said that she was targeting her boyfriend due to a domestic dispute. YouTube spokeswoman Jessica Mason could not immediately be reached for comment on the identification by media.Bayern Munich Wrap Up Sixth German Title In a Row
Heynckes turned Bayern's season around after a lackluster start when he returned for his fourth stint in charge in October. The Bavarian giants will formally lift the Bundesliga shield after the final day on May 12.Phil Mickelson Air Shot on 1st Hole at Augusta Round 3 Masters
Mickelson went onto drain his eagle to claw back two of the four shots he dropped at the first and second holes. He didn't appear to have enough room to make a full swing, but we all know that will never stop Phil. -
Secret, direct talks underway between US, North Korea
Once a location is agreed upon the officials said that the date will be set and the agenda discussed in greater detail. North Korean leader Kim Jong Un, left, and Chinese President Xi Jinping shake hands in Beijing, China.WAKANDA in the Spotlight of New AVENGERS: INFINITY WAR 'Chant' Special Look
This is an impressive collection of posters, but you may have noticed that there are two notable absentees. Tom Holland wasn't allowed to read the 'Avengers: Infinity War ' script in case he leaked the plot.'Sabrina' Stars Kiernan Shipka, Ross Lynch Appear in First Photo
Shipka, who first gained notoriety for playing Sally Draper on the critically acclaimed Mad Men , is a flawless job of casting for the role.