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Investing.com-- Novartis said on Sunday it will buy U.S. biotech firm Avidity Biosciences for about $12 billion in cash for the company’s portfolio of treatments for rare, genetic muscle disorders.
Novartis AG (SIX:NOVN) will pay $72 in cash for each share in Avidity (NASDAQ:RNA), representing a premium of roughly 46% to the company’s Friday close.
Avidity will spin off its early-stage precision cardiology programs into a new company as part of the deal.
The deal is expected to close in the first half of 2026, Novartis said in a statement, and will be contingent on regulatory approval, as well as Avidity successfully spinning off its cardiology business.
The Avidity deal is the latest in a series of acquisitions by Novartis, as the Swiss drugmaker seeks to ramp up its drug pipeline in the face of stiff global competition.
The company spent nearly $6 billion this year on deals across cardiovascular, renal, and neuromuscular therapeutic areas.
