Swiss pharmaceutical giant Novartis announced Sunday it had agreed to buy Avidity Biosciences, valuing the US biopharmaceutical company 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 move will bring Avidity's late-stage neuroscience programmes into the Novartis fold and give it access to a "differentiated RNA-targeting delivery platform", it said.

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

Avidity common stock holders will receive $72 per sh

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