Novartis AG is buying U.S. biotechnology company The Medicines Co for about $9.7...
) for about $9.7 billion, the Swiss drugmaker said on Sunday, as it seeks to expand its portfolio of medicines against cardiovascular disease.
The company said the deal had been approved by the boards of directors of both companies and would be financed through available cash and short- and long-term borrowings. Assuming completion in the first quarter of 2020, Novartis said it expected inclisiran to start to contribute to sales from 2021 and said it had the potential to become one of the largest products by sales in its portfolio.
Novartis has historically had a strong cardiovascular drug franchise, but lost ground when Diovan, once a $6 billion-per-year seller, lost patent protection in 2012 and left the company without an immediate, innovative follow-up product.
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