Novartis bets big on gene therapy with $8.7 billion AveXis deal.

Logo of Swiss drugmaker Novartis is seen at its
branch in Schweizerhalle near Basel, Switzerland,
March 29, 2018. REUTERS/Arnd Wiegmann

ZURICH (Reuters) - Novartis (NOVN.S) is moving further into gene therapy with a $8.7 billion (£6.17 billion) deal for AveXis (AVXS.O) that gives the Swiss drugmaker a rare-disease treatment seen reaping billions in sales and bolsters its technology base.

The acquisition is the latest example of a surge of interest in biotech deal-making this year as large pharmaceutical companies seek promising new assets to boost their pipelines.

The $218-per-share cash deal announced on Monday represents a 72 percent premium to AveXis's 30-day volume-weighted average stock price. The transaction is seen closing in mid-2018.

By John Miller.

Full story at Yahoo News.