Swiss drugmaker Novartis AG (NOVN.S) is nearing an agreement to acquire U.S. biotechnology firm The Medicines Co (MDCO.O) for about $7 billion, the Wall Street Journal reported on Saturday, Trend reports citing Reuters.
The deal, in which Novartis has agreed to pay $85 a share, could be announced this weekend, the Journal reported, citing people familiar with the matter.
Going by a fully diluted share count, the agreement is worth about $10 billion, according to the report.
Novartis declined to comment. The Medicines Co did not respond to a request for comment on Saturday.
The deal could broaden the Swiss drugmaker’s cabinet of heart medicines and shore up growth threatened by patent expirations.
Novartis has been hunting for a $5 billion acquisition in the United States, two banking sources told Reuters earlier this week without identifying a target.