Novartis’ biggest deal in years complements its gene therapies with late-stage antibody-oligonucleotide conjugates

Novartis will obtain three late-stage RNA therapeutics for muscular dystrophies via its $12 billion acquisition of Avidity, although the pieces it won’t buy — including two cardiology programs and a pair of partnerships — are to survive in a spinout upon the deal’s completion.

The deal could give Novartis AG (SIX:NOVN; NYSE:NVS) three programs with regulatory applications submitted by the end of 2026, all for different forms of muscular dystrophy; the pharma believes it could launch all three by 2030...