FILE PHOTO: Switzerland’s national flag flies in front of the logo of Swiss drugmaker Novartis in Basel, Switzerland, January 30, 2019. REUTERS/Arnd Wiegmann/File Photo
(Reuters) – 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.
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.
Neither Novartis nor The Medicines Co were immediately available for comment on Saturday.
Reporting by Kanishka Singh in Bengaluru; editing by Jonathan Oatis