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";s:4:"text";s:9521:"Building on the success of Zolgensma, Novartis Gene Therapies said it will be responsible for the research, development, manufacturing and commercialization of the next wave of AAV-based innovative gene therapies. Michael Ball pocketed $91 million selling Lake Forest-based Hospira to Pfizer in 2015 after four years as CEO. People. AveXis co-founders Brian and Allan Kaspar either manipulated the data themselves or pressured employees to do so, says Novartis in its submission to the US regulator. To date, more than 600 patients have been treated with Zolgensma, including in clinical trials, commercially and through managed access programs. Missing Crain's in print? Not many CEOs have produced such numbers. 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. Samulski, renowned for his development of the harmless adeno-associated virus (AAV) as a vector, or delivery tool, for genes, directed UNC’s Gene Therapy Center for many years. NC 27709, USA, Roslin Innovation Center Its initial product is Zolgensma (onasemnogene abeparvovec-xioi), a gene replacement therapy to treat spinal muscular atrophy (SMA) Type 1, a deadly neuromuscular disease with limited treatment options. AskBio and AveXis Finalize License. Need-to-know stories from Crain's and around the web. "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 … | 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. About Asklepios BioPharmaceuticalAskBio is a privately held biotechnology company engaged in the clinical development of novel gene therapies for a broad diversity of diseases with unmet or under-served patient needs. SaaS, Android, Cloud Computing, Medical Device), Where the organization is headquartered (e.g. 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 … AveXis via Twitter. 919-549-8889 Tuesday-Thursday. jim_shamp@ncbiotech.org, North Carolina Biotechnology Center. So much the better for those shrewd, or lucky, shareholders. A windfall is coming much faster for Sean Nolan, who joined AveXis as CEO in 2015. David Lennon, Ph.D., previously president of AveXis, is now president of Novartis Gene Therapies and will continue reporting to Vas Narasimhan, CEO of Novartis. Monday-Friday around 3 p.m. Up-to-the-minute info on what's happening in Chicago business right now. 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. And not many have reaped such a large reward in such a short time. If left untreated in its most common form, SMA leads to death or the need for permanent ventilation by the age of 2 in more than 90% of cases. This year’s feature publishes Nov. 6. Renova Therapeutics is an industry leader in the emerging field of gene therapy, pursuing the development of treatments. Company co-founder and Chief Scientific Officer Brian Kaspar appears to be the biggest winner in Novartis' planned $8.7 billion takeover of Bannockburn-based AveXis. For more information regarding AveXis, please visit: http://www.avexisbio.com/. Instead of alternating between the AveXis and Novartis umbrella brands by market, the company comes together under one banner as a unified entity. Will the city's arts and culture nonprofits survive? Sep 02, 2020. Lightfoot picks new chief lobbyist as budget looms. Avexis is now Novartis Gene Therapies Novartis Gene Therapies is dedicated to developing and commercializing gene therapies for patients and families devastated by rare and life-threatening neurological genetic diseases. The company makes gene therapies for neurological genetic diseases. Novartis Gene Therapies comprises more than 2,000 employees across corporate, manufacturing and research facilities in the U.S. (Illinois, North Carolina, Colorado, California); Zurich, Switzerland; and Tokyo. The most widely used gene therapy in the world, Zolgensma treats SMA, the leading genetic cause of infant death. Under the terms of the agreement, AveXis will maintain non-exclusive access to the use of AskBio’s duplex vectors to support their SMA-based therapeutic development and commercialization efforts. Based in Dallas, Texas, AveXis is a clinic-ready, synthetic biology platform company. Hired-hand CEOs with shorter tenures usually make much less in buyouts, even in the deal-crazy pharmaceutical sector. 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 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. The departure of Brian and Allan Kaspar is notable, as both played significant roles at AveXis, which Novartis bought last year for $8.7 billion. AskBio is currently developing proprietary gene-delivery technologies for therapeutics, targeting diseases in the heart, CNS, muscle, ocular and liver tissues. Click here for a taste. Crain's Daily Gist podcast: Weak Chicago housing market good news for buyers, Foxconn needs to fess up to its Trumpian failure in Wisconsin, Record number of corporate giants lost money in the pandemic, Economic recovery here still mixed: Chicago Fed, Southwest turns up heat on United, American at O'Hare, RedShelf lands $10 million Pritzker investment, Colleges are better at COVID testing than the White House, Arbor Investments raises its biggest fund, Ken Griffin gives big to help Susan Collins in Maine, Biggest U.S. banks seen adding to reserves for pain yet to come, One of Chicago's biggest high-speed trading firms makes a surprising move, Allscripts to sell CarePort Health business for $1.3 billion, Abbott's new COVID-19 test detects more recent infections, What the loss of a major acquisition means for Advocate's expansion plan, Illinois sharing in $5M data breach settlement, Medicare Advantage star ratings out • Hospitals, universities share in $7.4M COVID grant • Abbott test could help doctors better treat patients, The risk of a COVID pre-existing condition tsunami • What's next for Advocate Aurora after failed merger • Meet Amita’s new CEO, Community Health Systems settles after data breach • A look at the New York exec tapped to lead Cook County Health • Abbott defends rapid COVID test, Illinois Blues provides $108M in premium credits • Northwestern looks at COVID’s neurological toll • How Chicago is expanding mental health care access, McDonald's ex-CEO fires back at chain's effort to strip pay, Big-name restaurants sue insurers over COVID losses, Navistar plunges after Volkswagen unit sets takeover bid deadline, Nearly 1,000 Boeing plane orders are lost or in doubt, Foxconn loses bid for tax credits on factory Trump touted, As winter approaches, restaurants brace for a deep freeze. It was founded in Dallas, Texas in 2012 by John Carbona after reorganizing a company called BioLife Cell Bank founded by Dr. David Genecov and John Harkey. The best source in Chicago for exclusive commercial real estate news. Turkey on the patio? While specific financial terms remain undisclosed, generally the agreement involves AskBio receiving an upfront payment, future payments once certain development and commercial milestones are achieved, as well as a potential related product royalty. The Novartis Gene Therapies culture embraces this mission. Competition for deals is intense, sparking talk that a bidding war for AveXis might break out. 150 N. Michigan Ave. Another local player poised to cash in on the AveXis deal is hedge fund mogul Ken Griffin. Suite 110 Novartis Gene Therapies will also provide manufacturing support for gene therapy work conducted by other Novartis units. Polarean Files NDA for Lung Diagnostic, Possible COVID-19 Aid, Grifols Begins Phase 3 Testing for COVID-19 Treatment. In turn, this reduces manufacturing demands across a broad range of therapeutic areas. For example, David Jonas made $234 million in 2015 when AmerisourceBergen bought PharMedium, a Lake Forest-based drug compounding company he turned into an industry powerhouse over a 12-year period. As a compassionate and dedicated team, we are enthusiastic about the science behind our work and finding answers to difficult questions. Click here to get the full experience on your screen. Nolan stands to pocket about $150 million cashing in AveXis stock options in the sale to Novartis. 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. 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