Novartis Completes Acquisition of Avidity, Valued at Approximately $12 Billion
Novartis (NVS) announced that it has successfully completed its acquisition of Avidity Biosciences (RNA). With the completion of the acquisition, Avidity is now an indirect, wholly owned subsidiary of Novartis. 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 $72.00 per share in cash, valuing the company at approximately $12B on a fully diluted basis and representing an enterprise value of approximately $11B. Avidity's shares of common stock have also ceased trading on the Nasdaq Stock Market. "Avidity's breakthrough science combined with Novartis capabilities will help reimagine what's possible for people with devastating genetic neuromuscular diseases. 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," said Vas Narasimhan, CEO of Novartis.
