Novartis Enters $12 Billion Definitive Merger Agreement to Acquire Avidity Biosciences

Novartis will acquire Avidity Biosciences in a newly announced definitive merger agreement. The news follows the separation of Avidity’s early-stage precision cardiology programs into a new publicly traded company SpinCo.¹

“Avidity’s pioneering AOC platform for RNA therapeutics and its late-stage assets bolster our commitment to delivering innovative, tarreceiveed and potentially first-in-class medicines to treat devastating, progressive neuromuscular diseases,” stated Vas Narasimhan, CEO of Novartis. “The Avidity team has built robust programs with indusattempt-leading delivery of RNA therapeutics to muscle tissue. We see forward to developing these programs to meaningfully modify the trajectory of diseases for patients.”

Novartis’ acquisition of Avidity aligns with its long-term neuroscience strategy aiming to expand the company’s pipeline with potential near-term launches in genetically defined diseases with high unmet required.¹ Avidity’s programs include the following potential first-in-class late-stage disease-modifying therapies:

Myotonic dystrophy type 1, a rare progressive neuromuscular disorder with a poor prognosis and currently no disease-modifying therapies.
Facioscapulohumeral muscular dystrophy, a rare hereditary disorder cautilizing relentless loss of muscle function and progressive disability.
Duchenne muscular dystrophy, a severe, early-onset disease marked by progressive muscle damage and reduced life expectancy.

Additionally, the acquisition aims to build on Novartis’ experience in spinal muscular atrophy and commercialization capabilities in genetic neuromuscular diseases. Avidity’s integration is expected to assist patient benefits, such as root genetic caapplys, restoring muscle function, and potentially slowing disease progression. The company’s AOC platform, which combines the tissue specificity of monoclonal antibodies with the precision of oligonucleotides enabling tarreceiveed delivery to previously hard-to-reach muscle cells, will also be incorporated into Novartis’ workflow.¹

Per the terms of the agreement, Novartis is expected to acquire all outstanding shares of Avidity, for $72 per share in cash, following the officially closing of the deal.¹The $72 price-per-share represents a premium of 46% to the closing share price on October 24, 2025, and values Avidity at around $12 billion on a fully diluted basis, and represents an enterprise value of approximately $11 billion at the deals expected closing date.¹

Before the closing of the definitive merger agreement, Avidity is expected to transfer to Spinco, a fully owned subsidiary of Avidity’s early-stage precision cardiology programs and collaborations.¹SpinCo’s key programs include AOC 1086 and AOC 1072, which tarreceive rare genetic cardiomyopathies, including phospholambanand Protein Kinase AMP-activated non-catalytic subunit Gamma 2 Syndrome.¹ The subsidiary is also expected to handle collaborations with Bristol Myers Squibb and Eli Lilly and Company, along with holding rights to continue the development of Avidity’s proprietary platform, which includes next-generation technology improvements for applications in the cardiology field.¹

“We have already seen the tremfinishous impact tarreceiveed delivery of RNA therapeutics to muscle can have for people living with rare diseases based on the impressive advancements Avidity has built with its neuroscience programs,” stated Kathleen Gallagher, currently chief program officer at Avidity. “Avidity’s precision cardiology pipeline is poised to progress rapidly, and I am excited to lead the team that will build on our groundbreaking AOC platform with the potential to address high unmet required in cardiovascular diseases.”