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Switzerland’s Novartis Lands Deal to Acquire U.S. Avidity Biosciences
(MENAFN) Switzerland-based pharmaceutical giant Novartis announced Sunday that it has reached an agreement to acquire US biotechnology firm Avidity Biosciences in a deal valued at roughly $12 billion.
"Transaction strengthens neuroscience franchise for Novartis with three late-stage programs that address genetic neuromuscular diseases," Novartis said in a statement.
The acquisition price represents a premium of about 46% over Avidity Biosciences’ closing share price on Oct. 25, with the company’s stock traded on the New York Stock Exchange.
As part of the deal, Avidity will transfer its early-stage precision cardiology programs to a newly formed entity named Spinco. The transaction is expected to finalize in the first half of 2026, pending regulatory approvals.
The move is aimed at bolstering Novartis’ portfolio of therapies for rare muscle disorders.
"Avidity’s pioneering AOC platform for RNA therapeutics and its late-stage assets bolster our commitment to delivering innovative, targeted and potentially first-in-class medicines to treat devastating, progressive neuromuscular diseases,” said Vas Narasimhan, CEO of Novartis.
“The Avidity team has built robust programs with industry-leading delivery of RNA therapeutics to muscle tissue. We look forward to developing these programs to meaningfully change the trajectory of diseases for patients," Narasimhan added.
"Transaction strengthens neuroscience franchise for Novartis with three late-stage programs that address genetic neuromuscular diseases," Novartis said in a statement.
The acquisition price represents a premium of about 46% over Avidity Biosciences’ closing share price on Oct. 25, with the company’s stock traded on the New York Stock Exchange.
As part of the deal, Avidity will transfer its early-stage precision cardiology programs to a newly formed entity named Spinco. The transaction is expected to finalize in the first half of 2026, pending regulatory approvals.
The move is aimed at bolstering Novartis’ portfolio of therapies for rare muscle disorders.
"Avidity’s pioneering AOC platform for RNA therapeutics and its late-stage assets bolster our commitment to delivering innovative, targeted and potentially first-in-class medicines to treat devastating, progressive neuromuscular diseases,” said Vas Narasimhan, CEO of Novartis.
“The Avidity team has built robust programs with industry-leading delivery of RNA therapeutics to muscle tissue. We look forward to developing these programs to meaningfully change the trajectory of diseases for patients," Narasimhan added.
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