Reported 1 day ago
Swiss pharmaceutical giant Novartis has announced its agreement to acquire U.S. biotech firm Avidity Biosciences for approximately $12 billion in cash. This acquisition aims to enhance Novartis' portfolio in the treatment of rare muscle disorders, with Avidity's stockholders set to receive $72 per share, reflecting a 46% premium. Avidity, known for its innovative treatments for conditions like Duchenne muscular dystrophy, will also spin off its early-stage programs into a new company called Spinco. This strategic move is part of Novartis' broader effort to strengthen its presence in the U.S. market amid potential pharmaceutical tariff threats.
Source: YAHOO