Novartis to Buy Avidity Biosciences for $12 Billion to Expand RNA-Based Drug Pipeline

The Swiss drugmaker said the deal would strengthen its neuroscience business with late-stage RNA therapies for rare muscle diseases.

The company's logo at the new cell and gene therapy factory of Swiss drugmaker Novartis in Stein, Switzerland, on Nov. 28, 2019. Arnd Wiegmann/Reuters

Swiss pharmaceutical giant Novartis AG said on Oct. 26 it will acquire Avidity Biosciences Inc. for about $12 billion in cash, expanding its late-stage pipeline of RNA-based drugs for rare neuromuscular diseases.

Avidity stockholders will receive $72 per share in cash, representing a 46 percent premium to the company’s closing on Oct. 24.