Swiss pharmaceutical giant Novartis announced Sunday it had agreed to buy Avidity Biosciences, with the San Diego-based biopharmaceutical company being valued at $12 billion.

"The proposed acquisition is expected to create an industry-leading pipeline, building on the Novartis expertise in spinal muscular atrophy and commercialisation capabilities in genetic neuromuscular diseases," Novartis said in a statement.

The deal is expected to close in the first half of 2026, after Avidity's early-stage precision cardiology programmes has been separated off into a new company.

Avidity common stock holders will receive $72 per share in cash when the deal closes -- a 46-percent premium on Friday's closing share price, Novartis said.

The deal values the company "at approximately $12 bn on a fully

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