Novartis pays $9.7B to acquire Medicines Co.

Novartis has acquired Parsipanny, N.J.-based drugmaker Medicines Co. for $9.7 billion.

With the deal, announced Nov. 24, Novartis gains Medicine Co.'s cholesterol-lowering drug Inclisiran, which uses a new technique called RNA interference to help especially hard-to-treat patients.

If FDA-approved, Inclisiran is predicted to reach peak annual sales of $4 billion, according to Bloomberg.

"We're hoping to reimagine treatment of the leading global cause of death," Novartis CEO Vas Narasimhan tweeted Nov. 24. " This could be a strong step forward in Novartis' transformation into a focused medicines company."

Shares of Medicines Co. were up by 23 percent in trading before U.S. exchanges opened Nov. 25.

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