Novartis has announced the acquisition of Advanced Accelerator Applications, a move that will strengthen the company's oncology capabilities.
The firm has signed a memorandum of understanding that will see Novartis commence a tender offer for 100 percent of the share capital of Advanced Accelerator Applications, a radiopharmaceutical company that specialises in molecular nuclear medicines.
“Novartis has agreed a deal to purchase Advanced Accelerator Applications, a radiopharmaceutical company developing innovative cancer therapies.“
Its product portfolio includes Lutathera, a first-in-class radioligand therapy for the treatment of neuroendocrine tumours, which has demonstrated considerable potential and has already received European regulatory approval, with a US green light still pending.
Radiopharmaceuticals such as Lutathera contain radioisotopes which are used clinically for both diagnosis and therapy, and offer numerous benefits as a new approach to treating cancer.
The acquisition will strengthen Novartis' oncology presence with near-term product launches and the addition of a new technology platform with potential applications across a number of oncology fields.
Bruno Strigini, chief executive officer of Novartis Oncology, said: "Novartis has a strong legacy in the development and commercialisation of medicines for neuroendocrine tumours where significant unmet need remains for patients."
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