Looks like you’re on the UK site. Choose another location to see content specific to your location

Home Industry News Novartis increases share in gene therapy firm

Novartis increases share in gene therapy firm

15th May 2008

Pharmaceutical group Novartis has increased its ownership of shares in biotech firm Alnylam, it has announced.

It has exercised an option to purchase further unregistered shares in the gene therapy company at a price of $5.4 million (about 2.8 million pounds).

This move has taken Novartis’ share of the company up from 13 per cent to 13.4 per cent.

Invest in England’s North West website noted that Novartis bought 5.3 million Alnylam shares for about 30 million pounds in 2005.

Miller Tabak, analyst Les Funtleyder, told Forbes: “Novartis is putting down a bet on a technology platform that may have future applications.”

He said bigger biomedical firms want to do these kinds of deals “because if it turns that these technologies have some kind of promise you don’t want to be left behind”.

Alnylam’s management will make a presentation to the Bank of America 2008 Health Care Conference today, which will also be broadcast over the internet.

We currently have 9 jobs available in Pharmacy industry, find your perfect one now.

Stay informed

Receive the latest industry news, Tips
and straight to your inbox.