Novartis ‘nears’ deal to acquire Avidity Biosciences for more than $70/share, says report

Swiss pharmaceutical major Novartis AG is “nearing” a deal to acquire biotechnology company Avidity Biosciences Inc., according to a Bloomberg report citing sources.

Novartis is in discussions to buy Avidity for more than $70 a share, the source said. The deal could be announced as early as on October 26 (US time), if there are no “last minute snags”, the report added.

Spokespeople for both Avidity and Novartis did not immediately respond to queries on the matter. The report came outside of usual business hours, it added.

Novartis on deals spree? Tourmaline Bio, Regulus Therapeutics this year

• According to a Financial Times report, the Swiss pharma giant has been in “active” talks with Avidity for a potential acquisition since August 2025.
• In September this year, Novartis acquired New York-based Tourmaline Bio, valuing the biopharmaceutical company at $1.4 billion on a fully diluted basis, as per a Reuters report.
• Further, early in 2025, the Swiss drugmaker also agreed to buy Regulus Therapeutics for up to $1.7 billion. The agreement gave Novartis access to an experimental drug to treat a life-threatening kidney disease, the Reuters report added.

Novartis gets US approval for new chronic hives treatment

In October, Novartis AG has also gained approval from the United States Food and Drug Administration (US FDA) for a new treatment for a hives-like skin condition, as per another Bloomberg report.

The US FDA has cleared Remibrutinib (to be sold under the brand name Rhapsido), for sale to adults with chronic spontaneous urticaria, Novartis said. While the condition isn’t usually life-threatening, it can affect patients’ sleep, work and mental health.

The drug has the potential to be approved for a number of different conditions and could become a blockbuster, Victor Bulto, president of Novartis’s US unit, said in an interview. The drugmaker estimates it could help 1.7 million people suffering from chronic spontaneous urticaria in the US alone.

(With inputs from Bloomberg and Reuters)