Novartis to Acquire Avidity Biosciences for $11 Billion in Cash

Novartis AG (NVS) entered a merger agreement on October 26, 2025, to acquire Avidity Biosciences, Inc. (RNA) in an all-cash deal valued at $11 billion.

Deal Structure:

Novartis, through a merger with a newly formed indirect wholly owned subsidiary, will acquire all outstanding shares of Avidity.

The holders of Avidity common stock will receive $72 per share in cash, which is at a 46.49% premium from the stock’s last close.

Company Profile:

Avidity is a biopharmaceutical company developing targeted RNA-based medicines that deliver genetic therapies directly to muscle tissue to treat rare neuromuscular diseases such as myotonic dystrophy type 1, Duchenne muscular dystrophy, and facioscapulohumeral muscular dystrophy. These conditions are rare genetic disorders that weaken and waste muscles over time, leading to difficulties with movement, breathing, and other basic functions.

Novartis is a global healthcare company that develops and manufactures innovative medicines to treat a wide range of diseases, helping improve and extend the lives of millions of people worldwide.

Deal Details and Timeline:

In August, the Financial Times reported that Novartis had made a takeover approach for Avidity. The stock was trading at $38.26 before the report came out.

The proposed acquisition will integrate Avidity’s late-stage neuroscience programs into Novartis, granting access to a differentiated RNA-targeting delivery platform. These programs are expected to strengthen Novartis’ neuroscience strategy and enhance its pipeline with potential first-in-class therapies targeting the genetic drivers of muscle-damaging conditions.

Before the merger is completed, Avidity will move its early-stage precision cardiology programs and partnerships into a new, wholly owned company called SpinCo. This transfer includes some Avidity assets that may give one of Avidity’s current partners the first opportunity to negotiate for them.

Avidity shareholders will receive either one share of SpinCo for every ten Avidity shares they own, or a proportional cash payment if SpinCo or some of its assets are sold to another company before the merger is finalized.

The deal is expected to close in the first half of 2026.

Deal Metrics:

To obtain further information on this merger and acquisition transaction, please check the Deal Metrics page here:

Deal Metrics for the acquisition of Avidity Biosciences, Inc. (RNA) by Novartis AG (NVS)

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• A spread history chart of the merger from announcement through eventual completion or failure.
• A timeline of events as the merger progresses through various regulatory approvals, HSR period expiry, shareholder votes, etc.
• News and SEC filings.
• A history of deal updates.
• And much more.

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Editor’s Note: Baranjot Kaur contributed to this article