Novartis to Acquire Avidity Biosciences for $12 Billion

Novartis will acquire Avidity Biosciences for approximately $12 billion in cash, announced in a press release. Under the terms of the agreement, Avidity shareholders will receive $72.00 per share, representing a 46% premium over Avidity’s October 24, 2025 closing price.

The acquisition, unanimously approved by both companies’ boards, is expected to close in the first half of 2026, subject to regulatory and shareholder approvals. Completion is also contingent on the separation of Avidity’s early-stage precision cardiology programs into a new publicly traded company, SpinCo.

SpinCo will be led by Kathleen Gallagher, currently Avidity’s chief program officer, as chief executive officer, with Avidity CEO Sarah Boyce serving as chair of the board. The new entity will focus on programs targeting rare genetic cardiomyopathies, including AOC 1086 and AOC 1072.

Through the acquisition, Novartis will gain Avidity’s neuroscience programs and its RNA-targeting delivery platform, including three late-stage clinical programs for Duchenne muscular dystrophy, myotonic dystrophy type 1, and facioscapulohumeral muscular dystrophy.