Novartis agreed to acquire Avidity Biosciences in a transaction valuing the RNA therapeutics developer at roughly $12 billion. The deal transfers three late-stage antibody-oligonucleotide conjugate (AOC) programs for neuromuscular diseases to Novartis and folds Avidity’s delivery platform into Novartis’ RNA strategy. Sarah Boyce (Avidity) and Novartis CEO Vas Narasimhan framed the transaction as a fast route to muscle delivery for RNA drugs. Avidity’s lead programs include candidates targeting Duchenne muscular dystrophy, myotonic dystrophy type 1 and facioscapulohumeral muscular dystrophy, with Biologics License Application (BLA)-relevant milestones expected over the next 12 months. Novartis also plans to spin early cardiology programs into a separate entity (SpinCo) as part of the deal structure. The acquisition is positioned to address a longstanding delivery challenge for oligonucleotide therapies in skeletal and cardiac muscle; Novartis explicitly cited the AOC platform’s potential to broaden RNA therapeutic targets beyond the liver. Investors and competitors will watch regulatory filings and integration moves closely, since approval of any of Avidity’s registrational-stage assets would rapidly validate the AOC delivery approach.