Novartis agreed to acquire Avidity Biosciences for about $12 billion, securing three late-stage antibody-oligonucleotide conjugate (AOC) programs targeting neuromuscular diseases and a delivery platform aimed at muscle tissue. The deal transfers registrational-stage assets including candidates for Duchenne muscular dystrophy, myotonic dystrophy type 1 and facioscapulohumeral muscular dystrophy to Novartis and creates a carve‑out (SpinCo) for early cardiology programs. Avidity’s AOC technology aims to solve oligonucleotide delivery to skeletal and cardiac muscle via transferrin receptor targeting; Novartis said the assets fit its “xRNA” strategy to broaden RNA therapeutics beyond liver delivery. Novartis expects submissions and potential regulatory filings across the three programs within the next 12 months and plans to close the acquisition in H1 2026, subject to customary conditions. The transaction is one of the largest biopharma deals this year and signals continued big‑pharma appetite for RNA modalities and delivery platforms. For developers and investors, the acquisition compresses timelines to market for Avidity’s late‑stage candidates and may re‑rate peers working on muscle delivery and AOC‑style chemistries.