Click here for a taste. Novartis Gene Therapies also establishes a seamless global presence for Zolgensma and the gene therapies to come. E-mail our editor Brian Kaspar was a founder and key executive at Avexis and made more than $380 million from the company's 2018 acquisition by Novartis, according to SEC filings. Competition for deals is intense, sparking talk that a bidding war for AveXis might break out. Meet the man whose company just sold for $2.58 billion, University-related startups on the rise here, Novartis offer for Chicago's AveXis is a record-breaker. For more information regarding AveXis, please visit: http://www.avexisbio.com/. The company announced early last year that it would put $60 million more into its then-new $55 million Durham County manufacturing facility, doubling the workforce here from 200 to … “Novartis sees tremendous potential in the future of gene therapy, and we’ve seen the impact gene therapy can have on so many lives,” said Narasimhan. 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AveXis is a biotechnology company that develops treatments for rare neurological genetic disorders. As a compassionate and dedicated team, we are enthusiastic about the science behind our work and finding answers to difficult questions. 20 T.W. Published: Aug 15, 2019 By Alex Keown AveXis has parted ways with its scientific founder and chief scientific officer as the Illinois-based gene therapy business and its parent company, Novartis, continue to grapple with the fallout over reports of data manipulation in the development of the spinal muscular atrophy treatment, Zolgensma. Monday-Friday around 3 p.m. Up-to-the-minute info on what's happening in Chicago business right now. Scoops on Chicago's residential real estate industry. AveXis’ drug for spinal muscular atrophy was the highest-priced drug ever, at $2.1 million for a one-time injection, when it debuted last year. Renova Therapeutics is an industry leader in the emerging field of gene therapy, pursuing the development of treatments for congestive heart failure and other chronic diseases. A veteran drug industry executive with stints at Abbott Laboratories and Ovation Pharmaceuticals, Nolan steered AveXis through an initial public offering and two-and-a-half years of development work that evidently convinced Novartis that the company was worth nearly twice its stock market value. Tuesday-Thursday. 150 N. Michigan Ave. 919-549-8889 Another local player poised to cash in on the AveXis deal is hedge fund mogul Ken Griffin. AveXis has, at its core, a desire to establish unique industry and research alliances which will bring innovative treatments to people with unmet medical needs. "Because the allegations involved two founders who were still senior executives and fixtures at AveXis, and because the allegations involved data manipulation, this initial internal investigation was led by external counsel to ensure that key evidence was preserved, efficiently gathered, and made available for a thorough technical review without interference from the two implicated … The company makes gene therapies for neurological genetic diseases. Scotland, © 2020 Asklepios BioPharmaceutical, Inc. (AskBio), http://clinicaltrials.gov/ct2/show/NCT02122952. Novartis Gene Therapies is pursuing Zolgensma registration in close to three dozen countries with regulatory decisions anticipated in Switzerland, Canada, Australia, Argentina and South Korea in late 2020 or early 2021. About AveXisBased in Dallas, Texas, AveXis is a clinical-stage gene therapy platform company establishing unique industry alliances to create innovative treatments for people with unmet medical needs. Renova Therapeutics is an industry leader in the emerging field of gene therapy, pursuing the development of treatments for congestive heart failure and other chronic diseases. Renova Therapeutics is an industry leader in the emerging field of gene therapy, pursuing the development of treatments. Easter Bush Campus Director of Public Relations Industry observers see blockbuster potential if AveXis wins Food & Drug Administration approval to market the drug. Alexander Drive Active, Closed, Last funding round type (e.g. AveXis' new drug hasn't even been cleared for commercial sale, but it's about to pay off handsomely for shareholders, especially company insiders who hold large blocks of stock. The Novartis Gene Therapies culture embraces this mission. Brian Kaspar, formerly a clinical trial investigator at Nationwide Children's Hospital, was a scientific co-founder of AveXis and served as its chief scientific officer since June 2015. AveXis via Twitter. It also alleges they held up the internal investigation through a “lack of cooperation and categorical denial of the allegations”. Monday, Wednesday and Friday at 5:30 a.m. AveXis' new drug hasn't even been cleared for commercial sale, but it's about to pay off handsomely for shareholders, especially company insiders who hold large blocks of stock. Since 2013, Novartis Gene Therapies (formerly AveXis) has had one focus: bringing change to those devastated by genetic diseases. Get the best business coverage in Chicago, from breaking news to razor-sharp analysis, in print and online. Your source for actionable, exclusive and inside news and data on the health care industry. Website Design by Trone Brand Energy. Can’t wait? For additional information, visit AskBio’s website at http://www.askbio.com. In addition to Zolgensma being approved in the U.S., it’s approved in Japan, Europe and Brazil. “Becoming Novartis Gene Therapies symbolizes the importance of our gene therapy advances for the future of Novartis and our industry leadership at large.”. This transaction is further validation of the diverse applicability of another one of AskBio’s platform technologies, and represents another opportunity to positively affect patient outcomes. (312) 649-5200, Sean Nolan, left, and Brian Kaspar of AveXis, Some Chicago stocks are weathering the COVID storm—and some aren't, Trouble on the tracks as Metra and Union Pacific duke it out, Sponsored Content: Major Infrastructure Projects Transform Northwest Indiana. Editor & Founder Brian Kaspar’s head was among the first to roll at Novartis after company execs became aware of the fact that manipulated data had … To date, more than 600 patients have been treated with Zolgensma, including in clinical trials, commercially and through managed access programs. Novartis said the change to Novartis Gene Therapies is the natural evolution as the company scales up to deliver Zolgensma globally and expand its reach via a robust pipeline of AAV-based gene therapies for rare genetic diseases including investigational treatments for Rett syndrome, a genetic form of amyotrophic lateral sclerosis (ALS) and Friedreich’s ataxia. He took on the responsibilities of AveXis’ former chief scientific officer and company founder Brian Kaspar and his brother Allan Kaspar, previously AveXis’ senior vice president of R&D. “With the creation of Novartis Gene Therapies, we will continue to advance our gene therapy pipeline for rare genetic diseases, to accelerate the delivery of transformative innovation in areas of high unmet need, and to reimagine medicine for patients all around the world.”. AveXis purchased rights to its gene therapy technology in 2015 for an undisclosed sum from Asklepios BioPharmaceutical, a Chapel Hill gene therapy platform company commonly called AskBio. founders who were still senior executives and fixtures at AveXis, and because the allegations involved data manipulation, this initial internal investigation was led by external counsel to The most widely used gene therapy in the world, Zolgensma treats SMA, the leading genetic cause of infant death. For questions or more information, contact: Don’t call it AveXis anymore. Monday-Friday at 7 a.m. A roundup of the day's important business news. Novartis has announced the renaming of its previously acquired AveXis gene therapy arm because of “the growing importance of gene therapy to building a leading, focused medicines company with advanced therapy platforms.”. Spinal muscular atrophy (SMA) is the company’s first focus. Former Baxalta CEO Ludwig Hantson had been on the job for a year when he collected about $30 million selling the Baxter International spinoff to Shire in 2016. Effective today, it’s Novartis Gene Therapies. Not bad for a two-year holding. Research Triangle Park, NC 27709, USA, Roslin Innovation Center Jim Shamp Lightfoot picks new chief lobbyist as budget looms. A researcher at Nationwide Children's Hospital in Columbus, Ohio, Kaspar devoted more than a decade to genetic research that yielded the therapy AveXis hopes to commercialize. We believe this technology is a key component to the promising data we have seen thus far, and we are pleased to establish this agreement with AskBio,” said Brian K. Kaspar, PhD, Scientific Founder, AveXis. Suite 110 Shattuck Labs is changing the face of cancer therapy, aided by $118 million Series B equity financing that will push its clinical research on cancer immunotherapy to the next level. Need-to-know stories from Crain's and around the web. Now, according to a Novartis spokesperson, there are more than 400 people working at the Durham site, and more are being hired while the site is anticipating final FDA operational approval in 2021. How is it? Hired-hand CEOs with shorter tenures usually make much less in buyouts, even in the deal-crazy pharmaceutical sector.

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