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Novartis closes $8.7B AveXis acquisition

Novartis AG completed the $8.7 billion acquisition of AveXis Inc., making the U.S.-listed gene therapy company its wholly owned subsidiary.

Each AveXis common stock was converted into the right to receive $218 per share in cash. Earlier in the day the Basel, Switzerland-based company completed its tender offer for all outstanding shares of AveXis.

As a result of the acquisition, AveXis' shares have stopped trading on the Nasdaq Global Select Market.