Novartis has signed an agreement for the acquisition of all outstanding shares of US-based Avidity Biosciences for $12bn in cash on a fully diluted basis.  

This represents an enterprise value of close to $11bn at the expected closing date of the deal.

Avidity Biosciences is focused on RNA therapeutics for muscle-targeted delivery.

The deal will proceed after Avidity’s early-stage precision cardiology programmes are separated.

Avidity’s work centres on antibody oligonucleotide conjugates (AOCs), part of a new class of RNA drugs for serious genetic neuromuscular diseases.

The acquisition will integrate Avidity’s late-stage neuroscience assets into Novartis, giving the latter access to a differentiated platform for RNA delivery.

These programmes are anticipated to support Novartis’s neuroscience portfolio and introduce first-in-class candidates targeting the genetic causes of muscle-damaging diseases.

Novartis CEO Vas Narasimhan stated: “Avidity’s pioneering AOC platform for RNA therapeutics and its late-stage assets bolster our commitment to delivering innovative, targeted and potentially first-in-class medicines to treat devastating, progressive neuromuscular diseases.

“The Avidity team has built robust programmes with industry-leading delivery of RNA therapeutics to muscle tissue. We look forward to developing these programmes to meaningfully change the trajectory of diseases for patients.”

The acquisition is projected to raise Novartis’s anticipated sales compound annual growth rate (CAGR) from 2024 to 2029 from 5% to 6%.

It also aligns with the company's long-term neuroscience strategy, expanding its pipeline with late-stage, disease-modifying therapies for genetically defined conditions.

Avidity’s programmes include candidates for myotonic dystrophy type 1, a rare, progressive neuromuscular diseases with no disease-modifying therapies and facioscapulohumeral muscular dystrophy, an inherited disorder causing significant loss of muscle function.

The company’s programmes also feature therapies for Duchenne muscular dystrophy, a severe disease causing early muscle damage and reduced life expectancy.

Novartis expects the deal to strengthen its position in genetic neuromuscular diseases, building upon its expertise in spinal muscular atrophy.

In June 2025, Health Canada granted a notice of compliance for Novartis Canada’s Kisqali (ribociclib tablets) plus an aromatase inhibitor for the adjuvant treatment of adults with stage II-III early breast cancer at elevated recurrence risk.