UPDATE 1-Novartis to buy U.S. biotech The Medicines Co. for $9.7 bln [Reuters]
MEDICINES (MDCO)
Last medicines earnings: 10/30 07:00 am
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US:NASDAQ Investor Relations:
themedicinescompany.com/investors
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Source: Reuters
UPDATE 1-Novartis to buy U.S. biotech The Medicines Co. for $9.7 bln (Adds detail, background.) By Silke Koltrowitz and John Miller ZURICH, Nov 24 (Reuters) - 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. The deal is expected to help to shore up the company’s growth threatened by patent expirations. 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. The company said the deal had been approved by the boards of directors of both companies and would be financed through available cash and short- and long-term borrowings. 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 sta
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