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Nov. 24, 2019, 6:12 p.m. EST

Novartis to buy drug maker The Medicines Co. for $9.7 billion

Deal for New Jersey-based cholesterol-drug maker includes sharp premium above stock price

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By Associated Press


Bloomberg News
Novartis AG headquarter in Basel, Switzerland.

Swiss pharmaceutical company Novartis has reached a deal to buy cholesterol-drug maker The Medicines Co. for $9.7 billion.

Novartis /zigman2/quotes/203243705/composite NVS +0.49%   will pay $85 per share for the New Jersey biotech company, a sharp increase over The Medicine Co.’s   Friday closing price of $68.55 per share. The deal is worth $9.7 billion, including outstanding stock options and convertible debt.

The Medicines Co. is in late-stage studies of a drug, inclisiran, meant to lower cholesterol.

Novartis has a pattern of acquiring other companies in recent years to expand its portfolio of drugs.

“We’re hoping to reimagine treatment of the leading global cause of death. This could be a strong step forward in Novartis’ transformation into a focused medicines company,” Novartis CEO Vas Narasimhan tweeted Sunday.

The Medicines Co. focuses on researching treatments for cardiovascular disease, specifically looking at ways to lower so-called bad cholesterol.

The deal is expected to close early next year.

/zigman2/quotes/203243705/composite
US : U.S.: NYSE
$ 96.76
+0.47 +0.49%
Volume: 1.45M
Feb. 21, 2020 6:30p
P/E Ratio
19.07
Dividend Yield
2.04%
Market Cap
$218.10 billion
Rev. per Employee
$415,614
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