The Medicines Company (NASDAQ: MDCO) announced today it has entered into definitive agreement with Novartis AG, where Novartis will purchase The Medicines Company for $9.7 billion.
Chairman of The Medicines Company Board of Directors Alexander J. Denner, Ph.D. said: “This $9.7 billion transaction is a great outcome for shareholders of The Medicines Company. Not so long ago, The Medicines Company was at a crossroads due to the loss of its key revenue driver. I am proud of the company’s transformation under a reconstituted board into a lean, highly focused team successfully advancing an exciting new therapy and creating tremendous value for patients and shareholders.”
This news come weeks following the recent data presented regarding the Inclisiran drug, for which The Medicines Company has developed under a license and collaboration agreement with Alnylam Pharmaceuticals.
Inclisiran is the first and only small interfering RNA cholesterol-lowering therapy and is intended to be given twice yearly. The phase 3 trial data have demonstrated up to a 58% reduction in low-density lipoprotein cholesterol when added to statin and/or ezetimibe therapies. Inclisiran is still pending FDA approval.