Novartis buys AveXis for $8.7 billion

Novartis plans on acquiring AveXis, a biotech company with a product that aims to treat a genetic spinal disorder, for $8.7 billion.

The big picture: This buyout comes just a couple weeks after Novartis sold off its stake in its consumer health business, and it reinforces the view that there will be many other pharmaceutical deals in the business-friendly environment created in part through the new tax law.