Issue Date: November 6, 2017
Novartis buys French cancer drug company
Novartis will pay $3.9 billion to acquire Advanced Accelerator Applications (AAA), a French radiopharmaceutical firm that makes cancer therapies and diagnostics. AAA’s sales in the first half of 2017 were only $78 million, but analysts suggest that Novartis may replace its patent-expired cancer therapy Sandostatin—which brings in $1.6 billion per year—with AAA’s Lutathera. That therapy was recently approved in Europe to treat gastroenteropancreatic neuroendocrine tumors, the cancer that killed Apple founder Steve Jobs in 2011.
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