Novartis to Buy Advanced Accelerator Applications for $3.9 Billion
30 October 2017 - 6:08PM
Dow Jones News
By Max Bernhard
Novartis AG (NOVN.EB) said Monday that it plans to acquire radio
pharmaceutical company Advanced Accelerator Applications SA (AAAP)
in an offer valued at $3.9 billion.
The Swiss pharmaceutical company said that it would offer $41 in
cash for each ordinary share of Advanced Accelerator Applications,
or AAA, and that it plans to finance the deal fully through
external debt.
Novartis said the deal would strengthen its oncology business
and add AAA's molecular nuclear drug Lutathera--a first-in-class
RadioLigand Therapy, or RLT--to its product portfolio.
"With Lutathera we can build on this legacy by expanding the
global reach of this novel, differentiated treatment approach and
work to maximize Advanced Accelerator Applications' broader RLT
pipeline and an exciting technology platform," said Bruno Strigini,
oncology chief executive officer at Norvatis.
The acquisition is subject to the approval of regulators and at
least 80% of the shares in question have to be tendered for the
deal to go through.
Write to Max Bernhard at Max.Bernhard@dowjones.com;
@mxbernhard
(END) Dow Jones Newswires
October 30, 2017 02:53 ET (06:53 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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