A definitive agreement has been entered into by Novartis to acquire Avidity Biosciencesa biopharmaceutical company specializing in RNA therapeutics through its innovative Antibody Oligonucleotide Conjugates (AOCs™) platform, for a total cash consideration of $12 billion.

This strategic move is poised to significantly strengthen Novartis's late-stage neuroscience pipeline and bolster its commitment to developing treatments for genetic neuromuscular diseases.

The acquisition focuses on Avidity's promising, potential first-in-class late-stage programs targeting debilitating conditions with high unmet need, including myotonic dystrophy type 1 (DM1), facioscapulohumeral muscular dystrophy (FSHD), and Duchenne muscular dystrophy (DMD).

These assets are expected to unlock multi-billion-dollar opportunities for Novartis, with potential product launches anticipated before 2030. The AOC platform is particularly valuable as it enables the targeted delivery of RNA therapeutics to muscle tissue, combining the specificity of monoclonal antibodies with the precision of oligonucleotides to address the underlying genetic causes of muscle-damaging conditions. This scientific addition advances the Novartis xRNA strategy and builds upon its existing expertise in genetic neuromuscular diseases. Prior to the closing of the merger, Avidity will separate its early-stage precision cardiology programs and related assets into a new company, "SpinCo."

The acquisition, which has been unanimously approved by both companies' Boards of Directors, is valued at approximately $12 billion on a fully diluted basis, representing a 46% premium to Avidity's closing share price on October 24, 2025. It is expected to close in the first half of 2026, subject to the completion of the SpinCo separation, receipt of regulatory approvals, and approval by Avidity stockholders.