Novartis CEO Vas Narasimhan cuts loose an old anchor and sets sail with $8.7B AveXis buyout
Vas Narasimhan is starting his tenure as CEO of Novartis $NVS with a bold move on the gene therapy front.
The pharma giant has struck a deal to buy AveXis for $8.7 billion in cash, scooping up the biotech as it looks to parlay impressive early-stage results for their gene therapy AVXS-101 for spinal muscular atrophy into a swift FDA approval.
The deal registers at $218 a share $AVXS, almost double AveXis’ Friday close. And it underscores a few key points about Narasimhan’s management style.
Unlock this article instantly by becoming a free subscriber.
You’ll get access to free articles each month, plus you can customize what newsletters get delivered to your inbox each week, including breaking news.