04:31 AM EDT, 10/27/2025 (MT Newswires) -- Avidity Biosciences ( RNA ) has agreed to be acquired by Novartis ( NVS ) for $72 per share in a deal that values Avidity at about $12 billion, the companies said Sunday.

Shares of Avidity were up nearly 42% in premarket activity Monday.

The acquisition will be executed after the separation of Avidity's early-stage precision cardiology programs into a new publicly traded company, with Avidity stockholders also receiving consideration for the separation, the companies said.

The new, separated company will collaborate with Bristol Myers Squibb ( BMY ) and Eli Lilly ( LLY ) , while holding rights to continue the development of Avidity's proprietary platform for cardiology applications, the companies said. Kathleen Gallagher, Avidity's chief program officer, will lead the new firm as CEO.

The acquisition deal includes three late-stage clinical development programs, including delpacibart zotadirsen for the treatment of Duchenne muscular dystrophy, delpacibart etedesiran for myotonic dystrophy type 1, and delpacibart braxlosiran for facioscapulohumeral muscular dystrophy.

The transaction is expected to close in H1 2026, pending regulatory and shareholder approvals.

Novartis ( NVS ) said the proposed deal raises its expected 2024-2029 sales compound annual growth rate from 5% to 6%.