Novartis buys Avidity Biosciences in $12B expansion move

Novartis is acquiring Avidity Biosciences in a $12 billion deal, marking one of its biggest biotech takeovers to date.

The Swiss drugmaker said the move would boost its long-term focus on neuromuscular and genetic disorder treatments.

Under the agreement, Avidity shareholders will receive $72 per share, a 46% premium over Friday’s closing price.

Avidity, based in San Diego, develops gene-based RNA therapies using antibody oligonucleotide conjugates (AOCs)—a breakthrough technology that enables RNA delivery to muscles, overcoming barriers faced by older drugs. 

The company is currently advancing experimental treatments for muscular dystrophy. Novartis CEO Vas Narasimhan said the deal would “change the trajectory of diseases for patients.”

The company will not acquire Avidity’s heart disease unit. The acquisition follows Novartis’s $1.4 billion Tourmaline Bio purchase in September to strengthen its cardiovascular-drug pipeline.