Pharma BD Deal Intelligence
Outcome grade pending — assessed 5 years post-close.
Full analysis, sources & comparables →Ranks computed across 828 graded deals (Critic + Outcome Score both present).
Novartis agreed to acquire Avidity Biosciences for $12 billion, paying $72 per share in cash, a 46% premium. The deal adds three late-stage AOC programs for…
Novartis to acquire RNA-focused Avidity Biosciences for $12B. Novartis is acquiring three late-stage RNA-based programs targeting neuromuscular…
Novartis successfully completes acquisition of Avidity Biosciences (Feb 27, 2026); $72.00/share cash, ~$12B; Avidity now an indirect wholly owned subsidiary.
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Novartis completed its acquisition of Avidity Biosciences on February 27, 2026, at $72.00 per share in cash (~$12.0B equity value on a fully diluted basis, ~$11B enterprise value; ~46% premium to the undisturbed price). The deal, announced October 26, 2025, makes Avidity an indirect wholly owned subsidiary of Novartis and adds Avidity's muscle-directed Antibody Oligonucleotide Conjugate (AOC) platform plus three late-stage neuromuscular programs: del-desiran (delpacibart etedesiran) for myotonic dystrophy type 1 (Phase 3 HARBOR), del-brax (delpacibart braxlosiran) for FSHD (registrational FORTITUDE cohort), and del-zota (delpacibart zotadirsen) for Duchenne muscular dystrophy amenable to exon 44 skipping (FDA Breakthrough Therapy designation; EXPLORE44 OLE). Per the merger terms, Avidity's early-stage precision cardiology programs were separated immediately before close into a new company, Atrium Therapeutics, Inc. (SpinCo), whose shares were distributed pro rata to Avidity stockholders on February 26, 2026. Novartis frames the deal as strengthening its late-stage neuroscience pipeline and advancing its xRNA strategy, targeting product launches before 2030.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Novartis AG / Avidity Biosciences, Inc. (this deal) | 2025 | $12.0B | — |
| Novartis AG / Advanced Accelerator Applications S.A. | 2017 | $3.9B | 98 |
| Novartis AG / Endocyte, Inc. | 2018 | $2.1B | 96 |
| Novartis AG / Lek Pharmaceuticals d.d. | 2002 | $876M | 88 |
| Novartis AG / GlaxoSmithKline plc | 2014 | $16.0B | 81 |
| Novartis AG / PTC Therapeutics Inc. | 2024 | $2.9B | 80 |
| Novartis AG / Chinook Therapeutics Inc. | 2023 | $3.5B | 78 |
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