Novartis AG Completes Acquisition of Avidity Biosciences, Inc.

 Novartis AG announced that it has successfully completed its acquisition of Avidity Biosciences, Inc. With the completion of the acquisition, Avidity is now an indirect, wholly owned subsidiary of Novartis.

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

Novartis completed the acquisition of Avidity through the merger of its indirect wholly owned subsidiary, Ajax Acquisition Sub, Inc., with and into Avidity. As a result of the merger, holders of Avidity common stock became entitled to receive USD 72.00 per share in cash, valuing the company at approximately USD 12bn on a fully diluted basis and representing an enterprise value of approximately USD 11bn. Avidity’s shares of common stock have also ceased trading on the Nasdaq Stock Market LLC.