Swiss drugmaker Novartis on Sunday said it agreed to acquire US biotech firm Avidity Biosciences for about $12 billion in cash, as the company looks to bolster its portfolio of treatments for rare muscle disorders.

Avidity stockholders will receive $72 per share in cash, representing a premium of 46% to the company’s closing on Friday.

Novartis has been proactively striking deals this year to address the impending patent cliff for some of its blockbuster drugs, including Entresto for heart failure, Xolair for asthma and Cosentyx for autoimmune diseases.

Novartis is expanding into areas with limited treatment options with the deal. REUTERS

Under the terms of the deal, Avidity will separate its early-stage precision cardiology programs into a new company called Spinco, which is expected

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