Ohio State startup acquired for $8.7B

Ohio State startup AveXis Inc. is being acquired by one of the largest pharmaceutical companies in the world for $8.7 billion.

The company develops gene therapies using research that originated at Nationwide Children’s Hospital and Ohio State. AveXis announced the acquisition agreement with Novartis on Monday. The university could realize about $2.7 million from its stake in AveXis based on current and recently sold holdings.

AveXis is focused on treatments for rare and life-threatening neurological diseases, including a form of spinal muscular atrophy that is the leading genetic cause of infant mortality. Completion of the transaction is expected in mid-2018.

Ohio State supports the development and commercialization of discoveries through its Technology Commercialization Office. In all, there are currently 74 startup companies have been created from Ohio State research.