Novartis eyes Avidity Biosciences in potential takeover: Report
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Swiss pharmaceutical giant Novartis is exploring a potential acquisition of U.S. biotech firm Avidity Biosciences, according to a report by the Financial Times, which cites sources familiar with the matter.
The discussions are said to be in the early stages, with Novartis expressing interest in acquiring Avidity in recent weeks as part of its strategy to strengthen its portfolio of treatments targeting rare genetic disorders.
As per Reuters, the sources had cautioned that another suitor could emerge or talks could collapse.
Avidity, which has been developing treatments for rare muscle disorders, is working with advisers to assess options, the people added.
Del-zota, Avidity's lead drug, is in early to mid-stage development as a potential treatment for a rare form of Duchenne muscular dystrophy. The company is also working on two other drugs for serious muscle diseases.
In February, Novartis agreed to acquire Anthos Therapeutics for $3.1 billion to enhance its cardiovascular portfolio. The company also struck a deal in April valued at up to $1.7 billion to acquire Regulus Therapeutics, gaining access to an experimental treatment for a serious kidney disease.
Additionally, last month Novartis partnered with Matchpoint Therapeutics in a deal worth up to $1 billion to develop oral medicines targeting several inflammatory conditions.
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