Apr 9, 2018 - Health

Novartis buys AveXis for $8.7 billion

Swiss drug maker Novartis is hunting for deals. Photo: Fabrice Coffrini / AFP via Getty Images

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.

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