Shots:
- Novartis has agreed to acquire Avidity Biosciences, strengthening its neuroscience pipeline with Avidity’s Antibody Oligonucleotide Conjugates (AOCs) platform & 3 late-stage programs
- As per the deal, Novartis will acquire Avidity for $72/share, valuing the company at ~$12B with an enterprise value of ~$11B; closing expected in H1’26
- Before the merger, Avidity will transfer its early-stage precision cardiology programs & collaborations to SpinCo, its wholly owned subsidiary, triggering a right of first negotiation for certain assets with an existing partner. Shareholders will receive 1 SpinCo share per 10 Avidity shares &/or a cash distribution if assets or the subsidiary itself are sold
Ref: Novartis | Image: Avidity Biosciences | Press Release
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