Economy

Novartis to acquire cancer drug specialist Advanced Accelerator Applications

Novartis to acquire cancer drug specialist Advanced Accelerator Applications”

Novartis has unveiled plans to buy Advanced Accelerator Applications (AAA) for $3.9 billion in cash, beefing up its oncology portfolio.

In September, Advanced Accelerator won European Union approval of a radioligand therapy called Lutathera for use as a treatment of neuroendocrine tumors. Lutathera is under review in the USA with a Prescription Drug User Fee Act (PDUFA) date of January 26, 2018.

Per deal terms, Novartis will pay $41 per ordinary share of Advanced Accelerator and $82 per American Depositary Shares - representing a 47% premium to the 30 volume-weighted trading days prior to a September 27 Bloomberg report that flagged Novartis as a potential suitor for the French company.

In announcing the deal, Novartis touted Advanced Accelerator's capabilities in developing and manufacturing radiopharmaceuticals, which contain radioisotopes to destroy unhealthy cells or diagnose cancers. This transaction is now valued up to $3.9 billion.

The acquisition will strengthen Novartis' oncology presence with near-term product launches and the addition of a new technology platform with potential applications across a number of oncology fields.

Improve the format, traceability, uniformity, and completeness relating to clinical data-including from the Phase III NETTER-1 trial, which generated positive results.

Bruno Strigini, chief executive officer of Novartis Oncology, said: "Novartis has a strong legacy in the development and commercialisation of medicines for neuroendocrine tumours where significant unmet need remains for patients".

The study met its primary endpoint with Lutathera achieving statistically significant and clinically meaningful 79% reduction in risk of disease progression or death compared to the control therapy (hazard ratio 0.21, 95% confidence interval: 0.13-0.33, p 0.0001).

Advanced Accelerator Application develops molecular nuclear medicine, including Lutathera. AAA had sales of €109 million in 2016.

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.



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