Novartis buys Avidity Biosciences for $12 billion

Novartis has reached an agreement to acquire US company Avidity Biosciences, a company specializing in RNA therapies for rare muscle diseases, for $12 billion. The Swiss group announced the deal, confirming earlier in the day's rumors. The transaction involves a cash payment of $72 per Avidity share, a 46% premium to Friday's New York Stock Exchange price. In recent months, the market has seen a series of acquisitions of smaller companies developing innovative technologies by major industry giants, who are seeing their product patents expire. Novartis itself purchased Tourmaline for $1.4 billion in September.