AveXis Provides Update on Proposed Acquisition by Novartis AG
May 01, 2018 at 01:07 AM EDT
CHICAGO, May 01, 2018 (GLOBE NEWSWIRE) -- AveXis, Inc. (NASDAQ:AVXS), a clinical-stage gene therapy company developing treatments for patients suffering from rare and life-threatening neurological genetic diseases, today announced that the required waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 applicable to the proposed acquisition of AveXis by Novartis AG (Novartis) expired at 11:59 p.m. on April 30, 2018.
On April 6, 2018, AveXis, Novartis and Novartis AM Merger Corporation, a wholly owned subsidiary of Novartis (Purchaser), entered into an agreement and plan of merger, pursuant to which, and upon the terms and subject to the conditions described therein, on April 17, 2018, Purchaser commenced a cash tender offer to acquire all of the outstanding shares of AveXis’ common stock at a price of $218.00 per share, net to the seller in cash, without interest, subject to any required withholding of taxes.
With the expiration of the waiting period, the tender offer is expected to close in May 2018, subject to other customary closing conditions. Unless the tender offer is extended, the offer and withdrawal rights will expire at 12:00 midnight, New York City time, at the end of the day on May 14, 2018.
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