NVS - Here's Why The Medicines Company Jumped 60% in November
Shares of The Medicines Company (NASDAQ: MDCO), a post-commercial biotech, soared 60.4% in November, according to data from S&P Global Market Intelligence. Encouraging pivotal trial results last month inspired Novartis (NYSE: NVS) to make a buyout offer for The Medicines Company for $9.7 billion in cash.
Back in 2013, The Medicines Company gave Alnylam Pharmaceuticals $25 million up front for rights to inclisiran, an RNA drug that interferes with the production of a protein that limits the liver's ability to absorb low-density lipoprotein cholesterol (LDL-C). After lots of positive data, The Medicines Company felt confident enough about inclisiran that it sold off all its commercial-stage assets to attract a buyer earlier this year.
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