Here's Why Avidity Biosciences Stock Soared This Week (There's More to the Deal Than You Might Think)

Shares in Avidity Biosciences (NASDAQ: RNA) soared by 42% in the week to Friday morning following the announcement of a unanimous deal for Avidity to be acquired by Novartis (NYSE: NVS) for $72 per share. The deal values Avidity at $12 billion. However, that's not all Avidity shareholders will receive.Novartis is acquiring Avidity to enhance its developmental pipeline by leveraging Avidity's expertise in a class of ribonucleic acid (RNA) therapeutics known as antibody oligonucleotide conjugates (AOC). A new class of therapeutics, AOCs offer the potential for targeted precision delivery of gene-modulating oligonucleotides that regulate genes for treatment purposes.As such, Novartis will acquire Avidity's pipeline of treatments for muscular dystrophy, which are currently in clinical trials.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool