Novartis to buy The Medicines Company for $9.7 billion

Swiss pharmaceutical company Novartis has reached a deal to buy cholesterol drugmaker The Medicines Company for $9.7 billion.

Novartis will pay $85 per share for the New Jersey biotech company, a sharp increase over The Medicine Co.’s Friday closing price of $68.55 per share. The deal is worth $9.7 billion, including outstanding stock options and convertible debt.

The Medicines Co. is in late-stage studies of a drug, inclisiran, meant to lower cholesterol.

Novartis has a pattern of acquiring other companies in recent years to expand its portfolio of drugs.

The deal is expected to close early next year.

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