Novartis to buy Avrobio gene therapy for $88M, leaving rest of the biotech on the shelf

Novartis is buying a gene therapy candidate from the cash-constrained Avrobio, striking an unusual deal that will see the Big Pharma pay $87.5 million without committing milestones or royalties to land the clinical-phase asset. The news comes months after Novartis was reported to be lining up a takeover of the biotech.