Novartis to buy Avidity Biosciences for $12 billion

The Swiss pharmaceutical group Novartis has agreed to buy the US biotech company Avidity Biosciences, the company said on Sunday. Novartis hopes the purchase will give it access to new therapies and boost mid-term growth. + Get the most important news from Switzerland in your inbox The transaction strengthens Novartis' neuroscience business with three programmes in the late development phase, according to a press release issued on Sunday evening. These programmes focus on genetic neuromuscular diseases. The Swiss pharma giant is prepared to pay around $12 billion in cash for the programmes. Before the transaction is completed, Avidity will spin off its early cardiology programmes into a new company (SpinCo). According to Novartis, the transaction is expected to be finalised in the first half of 2026. "The Avidity team has built strong programmes with industry-leading delivery of RNA therapeutics to muscle tissue," Novartis chief executive officer Vas Narasimhan was quoted as saying ...