Novartis snaps up AveXis Swiss drug giant Novartis announced it...

Novartis snaps up AveXis Swiss drug giant Novartis announced it is paying a huge premium to buy gene therapy specialist AveXis, sending shares of that company soaring 81.6% to $210.46. Novartis, whose stock also rose on the news, is paying $218 per share in an all-cash deal worth $8.7 billion. Clinical-stage AveXis specializes in developing treatments for rare and life-threatening neurological genetic diseases, and the most immediate prize for Novartis is its therapy for spinal muscular atrophy (SMA) type 1, AVXS-101. The disease is the No. 1 genetic cause of death in infants, and AVXS-101 is a one-time gene replacement therapy that has had clinical success treating it. The company is also working on treatments for Rett syndrome and genetic amyotrophic lateral sclerosis (ALS).