Novartis Nearing Deal to Acquire Avidity Biosciences for Over $70 a Share: Bloomberg

Novartis AG is close to acquiring U.S.-based biotech firm Avidity Biosciences for more than $70 per share, Bloomberg News reported, citing a person familiar with the matter. The announcement could come as soon as Sunday, the report said.

Both Novartis and Avidity did not immediately respond to requests for comment on the report.

Novartis has been actively pursuing deals to strengthen its drug pipeline and drive future growth. In August, the Financial Times reported that the Swiss pharmaceutical company had approached Avidity Biosciences regarding a potential takeover offer.

Last month, Novartis said it had agreed to acquire New York-based biopharmaceutical firm Tourmaline Bio, valuing the company at about $1.4 billion on a fully diluted basis. Earlier this year, Novartis also announced a deal worth up to $1.7 billion to acquire Regulus Therapeutics, gaining access to an experimental treatment for a rare and deadly kidney disease.