The FINANCIAL -- Novartis AG on May 1 announced that the required waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 applicable to Novartis' cash tender offer for AveXis, Inc. has expired.
As previously announced, Novartis and Novartis AM Merger Corporation, its indirect wholly-owned subsidiary ("Purchaser"), commenced a tender offer on April 17, 2018 for all of the outstanding shares of common stock of AveXis for USD 218.00 net to the seller in cash, without interest thereon and subject to applicable withholding taxes. The expiration of the waiting period under the HSR Act satisfies one of the conditions necessary for the consummation of the pending acquisition. The tender offer and withdrawal rights thereunder are scheduled to expire at 12:00 midnight New York City time at the end of the day of Monday, May 14, 2018, unless the offer is extended. Consummation of the tender offer remains subject to other customary conditions, including satisfaction of the minimum tender condition, under the Agreement and Plan of Merger dated April 6, 2018 entered into by Novartis, Purchaser and AveXis, according to Novartis.