Novartis to acquire Avidity Biosciences for about $12 billion

Swiss drugmaker Novartis is making headlines with its plan to purchase Avidity Biosciences, a US biotech company, for nearly $12 billion in cash. The shareholders of Avidity will see a payout of $72 per share thanks to this lucrative deal. By integrating Avidity's innovative capabilities, Novartis aims to bolster its drug development pipeline and drive expansion initiatives.