Advanced Accelerator Applications SA's board approved Novartis AG's bid to acquire the company and recommended that shareholders accept the offer.
Advanced Accelerator's board said the proposed $3.9 billion transaction was in the best interests of the company and its stakeholders.
No later than Dec. 7, Novartis Groupe France SA, a unit of Novartis, will make a cash tender offer to acquire all the outstanding shares of the company for $41 per ordinary share and $82 per American depositary share.
The deal is subject to customary regulatory approvals.
Jefferies LLC acted as exclusive financial adviser, while Davis Polk & Wardwell LLP is serving as legal counsel to Advanced Accelerator.
