Novartis AG is buying U.S. biotechnology company The Medicines Co for about $9.7 billion, the Swiss drugmaker said on Sunday, as it seeks to expand its portfolio of medicines against cardiovascular disease. Novartis is paying $85 per share in cash, an approximately 24% premium over The Medicines Co.’s closing share price of $68.55 on Nov. 22. New Jersey-based The Medicines Co’s top drug candidate is cholesterol-lowering drug inclisiran for heart patients, which could complement Novartis’s growing business with its heart-failure medicine Entresto, a slow-seller to start that has now crossed the $1 billion annual revenue threshold. …read more
Source:: Yahoo Finance
