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Novartis to acquire Avidity Biosciences for approximately USD 12 billion

Fourth M&A transaction highlights portfolio strength

Novartis to acquire Avidity Biosciences for approximately USD 12 billion
28.10.2025 - BB Biotech
#Biotechnology

Novartis has announced yesterday the acquisition of our portfolio company Avidity Biosciences, a pioneer in RNA-based therapeutics for neuromuscular diseases, for approximately USD 12 billion in cash (USD 72 per share). The transaction is expected to close in the first half of 2026, subject to customary regulatory approvals.

Avidity’s Antibody Oligonucleotide Conjugate (AOC) platform enables targeted delivery of RNA therapeutics to muscle tissue, addressing diseases previously hard to treat with genetic medicines and strengthening Novartis’ late-stage neuroscience and neuromuscular pipeline.

Before closing, Avidity will spin out its early-stage precision cardiology programs into a new company (“SpinCo”). Avidity shareholders will receive one SpinCo share for every ten Avidity shares held, offering additional exposure to next-generation RNA-based innovation focused on heart tissue delivery.

Relevance for BB Biotech

Avidity Biosciences represents 3.4% of BB Biotech’s NAV as of September 30, 2025, and is one of the company’s larger new investments this year.

The transaction marks BB Biotech’s fourth successful M&A event in 2025, following

  • Intra-Cellular Therapies (USD 14.6 bn acquisition by Johnson & Johnson),
  • Blueprint Medicines (up to USD 9.5 bn offer by Sanofi), and
  • Akero Therapeutics (up to USD 5.2 bn, acquisition by Novo Nordisk).

The acquisition of Avidity Biosciences reinforces BB Biotech’s focus on differentiated science, validated technologies, and industrial relevance.

The global biopharma industry faces a historic patent cliff of around USD 400 bn over the next decade, equivalent to one third of current market sales. This structural challenge compels large pharmaceutical companies to replenish their pipelines through external innovation and strategic acquisitions, making M&A one of the key driver of growth and value creation across the sector.

BB Biotech’s portfolio is well positioned – with holdings in companies developing cutting-edge platforms and transformative therapies in areas of high medical need.
RNA-based medicines, such as those pioneered by Avidity, continue to emerge as a core innovation frontier. With around 30% of its portfolio exposed to RNA-based technologies, BB Biotech is strategically placed to capture the next wave of value creation in biotechnology.

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    BB Biotech AG

    BB Biotech AG (SIX) (CHF)
    ISIN-No.: CH0038389992YTD: 22.58%Active share: 77.72Anzahl Positionen: 22
    Launch date: 16. November 1993