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Novartis closes $9.7B The Medicines Co. deal

Novartis AG has completed its acquisition of all outstanding common shares of The Medicines Co. for $85 each.

As of midnight ET on Jan. 3, 60,669,325 shares were tendered and not withdrawn in Novartis' tender offer, equivalent to about 75.0% of The Medicines Co.'s outstanding common stock.

In December 2019, Swiss drugmaker Novartis launched a cash tender offer to purchase the entirety of The Medicines Co.'s common stock for $9.7 billion to gain a foothold in ribonucleic acid, or RNA, as a new area of research.

The acquisition allows Novartis to add to its pipeline Medicines Co.'s inclisiran, a late-stage treatment to manage cholesterol levels using RNA interference. The Medicines Co. is a Parsippany, N.J.-based biopharmaceutical company focused on heart disease.

American Stock Transfer & Trust Co. LLC, the tender offer's depositary, advised Novartis, which is making the acquisition through its unit Medusa Merger Corp., about the details of the transaction.

The Medicines Co.'s common stock will no longer trade on the Nasdaq Global Select Market as of Jan. 6.