Novartis to buy Avidity Biosciences for $12bn
Deal for specialist in rare diseases is biggest acquisition under chief executive Vas Narasimhan
Deal for specialist in rare diseases is biggest acquisition under chief executive Vas Narasimhan

Shares in rare disease biotech surge 26% following approach by Swiss group

Drugmaker nears $1.3bn deal in search for experimental medicines

Deal comes as pharmaceutical groups rush to acquire smaller biotech firms with proven drug pipelines

Groups will need to buy mature biotechs to replace revenue lost to generic competitors

San Diego company’s lead drug is a potential alternative to vaccines for vulnerable patients

California-based drugmaker takes advantage of surging share price to strike takeovers after a quiet couple of years