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.
STAT+ Exclusive Story
Already have an account? Log in
This article is exclusive to STAT+ subscribers
Unlock this article — plus daily coverage and analysis of the biotech sector — by subscribing to STAT+.
Already have an account? Log in
Individual plans
Group plans
View All Plans
To read the rest of this story subscribe to STAT+.
Subscribe
