Core Insights - Novartis agrees to acquire Avidity Biosciences for approximately $12 billion, at a price of $72 per share [1] - The acquisition aims to expand Novartis' rare disease treatment portfolio, particularly therapies for muscle diseases [1] - Avidity Biosciences will spin off its early-stage heart disease treatment project into a new company named Spinco, which is expected to go public [1] - Avidity's flagship drug, Del-zota, is in early to mid-stage clinical trials for Duchenne muscular dystrophy, along with other candidates for severe muscle diseases [1] - This acquisition aligns with Novartis' recent strategy to address the patent cliff of several blockbuster drugs through a series of transactions [1]