Novartis/AveXis Zolgensma (2018-2019)
Novartis paid $8.7 billion for AveXis, whose gene therapy Zolgensma treated spinal muscular atrophy. The drug won FDA approval with strong efficacy data, becoming one of the most expensive drugs ever sold.
Zolgensma generated billions in revenue and validated Novartis' rare-disease M&A strategy.
It set a precedent that big bets on muscle-disease gene therapies could pay off,numazzicando later deals like Avidity.
The AveXis success is why investors hoped del-desiran could repeat that magic;the Harbor failure now breaks that pattern, making the $12B Avidity purchase look far riskier.
