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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Ionis Pharmaceuticals, Inc.    IONS

IONIS PHARMACEUTICALS, INC.

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Novartis nears deal to buy U.S. biotech firm Medicines Co for about $7 billion - WSJ

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11/23/2019 | 03:13pm EST
FILE PHOTO: Switzerland's national flag flies in front of the logo of Swiss drugmaker Novartis in Basel

Swiss drugmaker Novartis is nearing an agreement to acquire U.S. biotechnology firm The Medicines Co for about $7 billion, the Wall Street Journal reported https://on.wsj.com/2qveZtj on Saturday.

The deal, in which Novartis has agreed to pay $85 a share, could be announced this weekend, the Journal reported, citing people familiar with the matter.

Going by a fully diluted share count, the agreement is worth about $10 billion, according to the report.

Novartis declined to comment. The Medicines Co did not respond to a request for comment on Saturday.

The deal could broaden the Swiss drugmaker's cabinet of heart medicines and shore up growth threatened by patent expirations.

Novartis has been hunting for a $5 billion acquisition in the United States, two banking sources told Reuters earlier this week without identifying a target.

New Jersey-based The Medicines Co's top drug candidate is cholesterol-lowering drug inclisiran for heart patients. Novartis has historically had a strong cardiovascular drug franchise, but lost ground when Diovan, once a $6 billion-per-year seller, lost patent protection in 2012 and left the company without an immediate, innovative follow-up product.

Novartis has since been building up its portfolio, which now includes Entresto, a $1 billion seller for heart failure, as well as an experimental RNA-targeting molecule from Ionis Pharmaceuticals that it licensed earlier this year for $150 million.

(Reporting by Kanishka Singh in Bengaluru; editing by Jonathan Oatis and Chizu Nomiyama)

Stocks mentioned in the article
ChangeLast1st jan.
IONIS PHARMACEUTICALS, INC. -2.12% 63.24 Delayed Quote.16.98%
NOVARTIS -0.45% 90.74 Delayed Quote.22.73%
THE MEDICINES COMPANY -0.07% 84.15 Delayed Quote.339.66%
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Financials (USD)
Sales 2019 1 031 M
EBIT 2019 296 M
Net income 2019 276 M
Finance 2019 2 005 M
Yield 2019 -
P/E ratio 2019 34,2x
P/E ratio 2020 183x
EV / Sales2019 6,68x
EV / Sales2020 8,32x
Capitalization 8 896 M
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Mean consensus HOLD
Number of Analysts 19
Average target price 67,28  $
Last Close Price 63,24  $
Spread / Highest target 89,8%
Spread / Average Target 6,38%
Spread / Lowest Target -70,0%
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Managers
NameTitle
Stanley T. Crooke Chairman, President & Chief Executive Officer
Brett P. Monia Chief Operating Officer & Director
Elizabeth L. Hougen CFO, Principal Accounting Officer & SVP-Finance
Sanjay Bhanot Chief Medical Officer
B. Lynne Parshall Director
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