Novartis buying AveXis for $8.7 billion to strengthen gene therapy capabilities

Novartis is acquiring AveXis for $8.7 billion to strengthen its gene therapy unit, adding a promising but still experimental treatment targeting a fatal childhood disease.

AveXis, a small biotech based in a north Chicago suburb, is being purchased for $218 per share, or an 88 percent premium to Friday’s closing stock price, Novartis said.