Novartis headquarters in Basel, Switzerland (Kyle LaHucik for Endpoints News)
Novartis beefs up gene therapy pipeline, spending $87.5M on an Avrobio therapy
The rumors were somewhat true.
Novartis is buying a piece of the gene therapy maker Avrobio for $87.5 million in cash, three months after reports surfaced that the Big Pharma was considering buying the Cambridge, MA-based biotech at a value as high as quadruple its worth.
Avrobio disclosed Monday morning that the deal will extend the company’s cash runway by three quarters — taking it into the final quarter of 2024 — after selling a cystinosis gene therapy program to Novartis.
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