Novartis to acquire RNA-focused Avidity Biosciences for $12B

Andrew Joseph covers health, medicine, and the biopharma industry in Europe. You can reach Andrew on Signal at drewqjoseph.45.

LONDON — Novartis said Sunday it would buy Avidity Biosciences, which is developing RNA-based therapies for neuromuscular diseases, for roughly $12 billion in cash. 

The deal, at $72 a share, represents a 46% premium on Avidity’s closing share price on Friday of $49.15. 

With the purchase, Novartis is picking up three late-stage programs: one treatment for Duchenne muscular dystrophy, another for myotonic dystrophy type 1, and a third for facioscapulohumeral muscular dystrophy. Novartis said it could see product launches from the acquisition before 2030.