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Swiss pharmaceutical giant Novartis has announced a definitive agreement to acquire U.S.-based biotech firm Avidity Biosciences for approximately $12 billion in cash, marking another major step in its expansion into the rare disease and neuromuscular therapy markets. Under the terms, Avidity shareholders will receive $72 per share, reflecting a 46% premium over its last closing price, according to Bloomberg News.
The acquisition bolsters Novartis’s efforts to offset looming patent expirations for blockbuster drugs such as Entresto(heart failure), Xolair (asthma), and Cosentyx (autoimmune disorders). As part of the agreement, Avidity will spin off its early-stage precision cardiology programs into a new publicly traded company called Spinco, to be led by Kathleen Gallagher, Avidity’s Chief Program Officer.
Based in San Diego, California, Avidity Biosciences focuses on innovative RNA therapeutics targeting rare muscle and neuromuscular diseases. Its leading drug candidate, Del-zota, is in mid-stage trials for a rare form of Duchenne muscular dystrophy (DMD). The company’s pipeline includes three experimental therapies expected to seek FDA approval by 2026, leveraging its proprietary technology to deliver RNA medicines directly to muscle tissue.
The deal positions Novartis to expand its U.S. footprint amid potential pharmaceutical tariff threats from the Trump administration, which recently imposed a 39% tariff on Switzerland, excluding pharma products. Analysts note the move aligns with Novartis’s ongoing acquisition strategy, following its purchases of Kate Therapeutics in November 2024, Anthos Therapeutics for $3.1 billion in February, and Regulus Therapeutics for $1.7 billion in April. Additionally, Novartis entered a $1 billion collaboration with Matchpoint Therapeutics in July to develop oral treatments for inflammatory diseases.
Through this latest acquisition, Novartis reinforces its long-term commitment to innovative treatments for rare disorders, ensuring continued growth and diversification amid shifting global pharmaceutical dynamics.
