Novartis agreed to acquire Avidity Biosciences in a cash transaction valued at about $12 billion, securing Avidity’s Antibody Oligonucleotide Conjugate (AOC) platform and three late-stage neuromuscular programs. The deal transfers registrational-stage assets for Duchenne, myotonic dystrophy type 1 and facioscapulohumeral muscular dystrophy into Novartis’ neuroscience strategy. Novartis said the acquisition accelerates its xRNA ambitions by adding muscle-delivery technology that has advanced to registrational studies and potential near-term filings. Avidity will spin out select early cardiology programs into a separate company as part of the restructuring tied to the purchase.