Novartis has announced its intention to acquire Avidity Biosciences for approximately $12 billion in cash. This strategic move, revealed on Sunday, aims to enhance Novartis”s portfolio of RNA-based therapies targeting neuromuscular diseases.
The acquisition is valued at $72 per share, representing a significant 46% premium over Avidity”s closing share price of $49.15 on Friday. This purchase will allow Novartis to gain access to three late-stage programs, including treatments for Duchenne muscular dystrophy, myotonic dystrophy type 1, and facioscapulohumeral muscular dystrophy.
With this acquisition, Novartis anticipates the potential for product launches resulting from these programs prior to 2030. The company is positioning itself to expand its pipeline in the rapidly evolving field of RNA-based therapeutics.
