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00:03Swiss drugmaker Novartis will acquire Avidity Biosciences for about $12 billion in cash
00:08to expand its portfolio in rare muscle disorders, according to Reuters.
00:13Avidity shareholders will receive $72 per share, a 46% premium to Friday's close.
00:19Novartis has been making acquisitions to offset upcoming patent expirations for its top-selling
00:24drugs.
00:25Avidity will spin off its early-stage precision cardiology programs into a new publicly traded
00:30company called Spinko.
00:32The deal bolsters Novartis' position in rare diseases and the U.S. market amid Trump's
00:37proposed pharmaceutical tariffs and follows recent acquisitions of Kate, Anthos, and Regulus
00:42Therapeutics.
00:43For all things money, visit Benzinga.com.
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