Novartis has announced it has finalized its acquisition of Avidity Biosciences, making the biotech an indirect, wholly owned subsidiary of the Swiss pharma giant.

 

“Avidity’s breakthrough science combined with Novartis capabilities will help reimagine what’s possible for people with devastating genetic neuromuscular diseases,” said Vas Narasimhan of Novartis.

 

“Avidity’s muscle-directed AOC platform and late-stage programs advance our RNA therapeutics and have the potential to deliver first-in-disease therapies. With the close of the acquisition, we’re excited to welcome Avidity to Novartis and accelerate this next generation of medicines.”

 

The deal was executed via a merger of Novartis’ wholly owned subsidiary, Ajax Acquisition Sub, Inc., into Avidity. Under the agreement, Avidity shareholders received USD 72 per share in cash, valuing the company at roughly USD 12 billion on a fully diluted basis and giving it an enterprise value of about USD 11 billion. Following the acquisition, Avidity’s common stock has ceased trading.