Novartis AG (NOVN.EB) said Monday that it plans to acquire radio pharmaceutical company Advanced Accelerator Applications SA (AAAP) in an offer valued at $3.9 billion.
The Swiss pharmaceutical company said that it would offer $41 in cash for each ordinary share of Advanced Accelerator Applications, or AAA, and that it plans to finance the deal fully through external debt.
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Novartis said the deal would strengthen its oncology business and add AAA's molecular nuclear drug Lutathera--a first-in-class RadioLigand Therapy, or RLT--to its product portfolio.
"With Lutathera we can build on this legacy by expanding the global reach of this novel, differentiated treatment approach and work to maximize Advanced Accelerator Applications' broader RLT pipeline and an exciting technology platform," said Bruno Strigini, oncology chief executive officer at Norvatis.
The acquisition is subject to the approval of regulators and at least 80% of the shares in question have to be tendered for the deal to go through.
Write to Max Bernhard at Max.Bernhard@dowjones.com; @mxbernhard
(END) Dow Jones Newswires
October 30, 2017 02:53 ET (06:53 GMT)