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Medicines Co. (MDCO) - Get Free Report shares hit a record high Monday after the cholesterol drug maker reached a $10 billion takeover deal with Swiss pharmaceutical giant Novartis AG (NVS) - Get Free Report .

Novartis said late Sunday it will pay $85 per share for Medicines Co., a price that values the Parsippany, New Jersey-based group at $9.7 billion and represents a 45% premium to the group's November 18 closing price, when news of the deal was first published by Bloomberg. Both groups expect the deal to close in the first quarter of next year. 

"Our company's singular, relentless focus and the unwavering commitment of our employees have led to this opportunity to unlock the intrinsic value of inclisiran for patients and to maximize value for our shareholders," said CEO Mark Timney. "We are excited that millions of patients with atherosclerotic cardiovascular disease and familial hypercholesterolemia will potentially benefit from this transformational therapy."

Medicines Co. shares surged 22.5% higher in early Monday trading to change hands at $84.00 each, just shy of the Novartis offer but an all-time high that values the group at more than $9 billion.

Novartis's Swiss-listed shares were marked 0.14% higher in Zurich and changing hands at Sfr89.91 each, giving them a year-to-date gain of 21% and a market value of Sfr203.3 billion ($204 billion).

Earlier this month, Medicines Co. published encouraging results at an American Heart Association conference for Inclisiran, a twice-yearly injection treatment that could become the standard of care for patients suffering from high levels of LDL, the so-called 'bad' form cholesterol. The group said it will seek FDA approval for the treatment later this year.

"The excellent results of ORION-9 are very encouraging for the many FH patients who require additional LDL-lowering to help them reach their treatment goals," said Timney said at the time. "Inclisiran presents the first-ever potential option for durable and potent lowering of LDL-C using twice-yearly dosing to give healthcare professionals more control over getting their patients to goal."