Novartis pulls out of Gamida Cell deal
Swiss drug major Novartis (NOVN: VX) will not exercise the option to purchase Gamida Cell for $600 million, although the latter has met all of its predetermined milestones.
It added that Novartis is interested in continuing to collaborate with Gamida Cell in the development of its products, and will soon explore suitable alternatives with the company.
The decision was announced by Israeli company Elbit Medical Technologies, a subsidiary of Elbit Imaging (Nasdaq: EMITF), which holds approximately 26% of the voting power in Gamida Cell.
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