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ARTICLE | Company News

After mid-decade makeover, Medicines Co. accepts Novartis' $9.7B bid on eve of inclisiran submission

Medicines Co.'s wager on PCSK9-targeting RNAi therapy pays off with Novartis bid

November 26, 2019 12:39 AM UTC
Updated on Nov 26, 2019 at 2:19 AM UTC

Novartis’ $9.7 billion acquisition of The Medicines Co. gives the pharma an RNAi-based cholesterol-lowering therapy that could capture a larger share of the cardiovascular disease market than approved PCSK9 inhibitors have been able to grab. The deal also represents the culmination of Medicines Co.'s makeover as a biotech that prioritized the development of a single innovative program after a long history of developing and selling legacy products.

Novartis AG (NYSE:NVS; SIX:NOVN) will pay $85 per share, a 24% premium over the Friday close of Medicines Co. (NASDAQ:MDCO) at $68.55, and 45% higher than the company’s close at $58.65 on Nov. 18, before rumors circulated that Novartis was nearing a takeout. Medicines Co. gained $15.25 (22%) to $83.80 on Monday...