Novartis AG to Acquire Avidity Biosciences in $12B Deal (with Precision Cardiology SpinCo)

Novartis AG has entered into a definitive merger agreement to acquire Avidity Biosciences for $72.00 per share in cash, valuing Avidity at approximately $12.0 billion. The transaction follows the planned separation of Avidity’s early-stage precision cardiology programs into a new publicly traded company (“SpinCo”), which is expected to begin trading after the spin-off.