Novartis Said to Near at Least $70-Per-Share Deal for Avidity

(Bloomberg) — Novartis AG is nearing a deal to buy biotechnology company Avidity Biosciences Inc., according to a person familiar with the matter.

Novartis is in talks to buy Avidity for more than $70 a share, the person said, adding that a deal could be announced as early as Sunday, assuming talks don’t hit a last minute snag.

Representatives for Novartis and Avidity didn’t immediately respond to requests for comment made outside of normal business hours.

Avidity rose 1.2% to close at $49.15 in New York trading Friday, giving the company a market value of about $6.8 billion.

A deal would add to a wave of biotechnology M&A as large pharma companies buy smaller drugmakers with innovative technology to boost revenue as older drugs go off patent.

Avidity is developing experimental drugs to treat rare diseases, including a neuromuscular disease known as myotonic dystrophy type 1.

Novartis, which focuses on heart, kidney and metabolic drugs, immunology, neuroscience and oncology, is looking for a portfolio boost as several key drugs face generic competition this year.

The potential transaction will be the second for Novartis in as many months. The Swiss drugmaker in September agreed to buy Tourmaline Bio Inc. in a deal valued at about $1.4 billion.

The Financial Times reported in early August that Novartis was weighing a deal for Avidity.

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