Novartis to acquire Avidity Biosciences for $12 billion

Core Insights - Swiss drugmaker Novartis has agreed to acquire Avidity Biosciences for $12 billion [1] Company Summary - The acquisition reflects Novartis's strategy to enhance its portfolio in the biotechnology sector [1] - Avidity Biosciences specializes in developing therapies using its proprietary Avidity technology platform [1] Industry Context - This acquisition indicates a growing trend in the pharmaceutical industry towards consolidating biotech firms to leverage innovative technologies [1] - The deal highlights the competitive landscape in the biotech sector, where larger companies are seeking to acquire smaller firms with promising therapeutic platforms [1]