Avidity Biosciences, based in San Diego, California, specializes in creating experimental RNA-based drugs aimed at treating rare genetic disorders, including myotonic dystrophy type 1 and Duchenne muscular dystrophy.
The transaction is anticipated to be completed during the first half of 2026.
Before the deal finalizes, Avidity plans to separate its early-stage diagnostic cardiology projects into a new entity called SpinCo. This new company is expected to pursue an initial public offering. Additionally, Novartis has mentioned that it may acquire some or all of SpinCo's assets from a third party.
Shareholders of Avidity will receive one share of SpinCo for every ten shares they own, or they may receive cash compensation if SpinCo's assets are sold prior to the closing of the Novartis acquisition.
Avidity is currently working on experimental RNA-based treatments for rare diseases.
According to Bloomberg, the U.S. Food and Drug Administration has recognized Avidity's drug as a Breakthrough Therapy for the treatment of patients with Duchenne muscular dystrophy.
source: bloomberg.com
The transaction is anticipated to be completed during the first half of 2026.
Before the deal finalizes, Avidity plans to separate its early-stage diagnostic cardiology projects into a new entity called SpinCo. This new company is expected to pursue an initial public offering. Additionally, Novartis has mentioned that it may acquire some or all of SpinCo's assets from a third party.
Shareholders of Avidity will receive one share of SpinCo for every ten shares they own, or they may receive cash compensation if SpinCo's assets are sold prior to the closing of the Novartis acquisition.
Avidity is currently working on experimental RNA-based treatments for rare diseases.
According to Bloomberg, the U.S. Food and Drug Administration has recognized Avidity's drug as a Breakthrough Therapy for the treatment of patients with Duchenne muscular dystrophy.
source: bloomberg.com