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Swiss pharmaceutical giant Novartis has agreed to buy biotechnology company Avidity Biosciences for about $12 billion, the company said Sunday.

Novartis will pay Avidity shareholders $72 a share in cash, a premium of 46% to the company's Friday closing price.

The deal is expected to close in the first half of 2026, after Avidity spins out parts of its business, including its early-stage precision cardiology programs, the company said in a statement .

"The Avidity team has built robust programs with industry-leading delivery of RNA therapeutics to muscle tissue," Novartis CEO Vas Narasimhan said in the statement. "We look forward to developing these programs to meaningfully change the traj

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