Novartis has signed an agreement to purchase clinical-stage gene therapy company AveXis for $218 per share.

Novartis has established an acquisition subsidiary, Novartis AM Merger, which will be integrated with AveXis following the closure of the deal.

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AveXis is currently developing a gene therapy candidate, AVXS-101, which is undergoing various clinical trials for spinal muscular atrophy (SMA).

The drug candidate secured orphan drug designation for SMA and breakthrough therapy designation for SMA Type 1 from the US Food and Drug Administration.

The European Medicines Association and the Japanese Ministry of Health, Labour and Welfare also granted PRIME and Sakigake designations respectively.

Novartis expects that the acquisition will drive its strategy of pursuing high-efficacy, first-in-class therapies.

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“The acquisition of AveXis offers an extraordinary opportunity to transform the care of SMA. AVXS-101 could create a lifetime of possibilities for the families impacted by this devastating condition.”

Novartis CEO Vas Narasimhan said: “The proposed acquisition of AveXis offers an extraordinary opportunity to transform the care of SMA. We believe AVXS-101 could create a lifetime of possibilities for the children and families impacted by this devastating condition.

“We would gain with the team at AveXis another gene therapy platform, in addition to our CAR-T platform for cancer, to advance a growing pipeline of gene therapies across therapeutic areas.”

AveXis has AAV9 gene therapy manufacturing capabilities and valuable R&D capabilities, which includes pipeline products for Rett Syndrome (RTT) and a genetic form of amyotrophic lateral sclerosis (ALS).

Subject to customary closing conditions, deal completion is expected by mid-2018.