Diamonds and Dogs
AveXis (AVXS), one of the leaders in replacement gene therapy, is trading up 81% after agreeing to be acquired for $8.7 billion or $215 in cash by Novartis. The deal is a strong endorsement of the developing biotechnology. AveXis has probably the highest-profile treatment in the field with its gene therapy for the most severe form of spinal muscular atrophy.
Newmont Mining (NEM) down 1%, one of the few S&P 500 components trading lower following a tragic accident at the Ahafo gold mine in Ghana that claimed the lives of six employees. The roof of the Ahafo Mill Expansion ("AME") project tunnel collapsed while a contractor crew of eight people was working inside. Though the company was prompt in responding, six people lost their lives. The company has decided to suspend the AME project and will resume operations at the project only after satisfactory safety measures have been ensured.