Novartis AG signage on a building on the company’s headquarters campus in Basel, Switzerland, Monday, Jan. 8, 2023.
Bloomberg | Bloomberg | fake images
Swiss pharmaceutical giant Novartis nears deal to buy biotech company Biosciences of greed for more than 70 dollars per share, Bloomberg News reportedciting a person familiar with the matter.
The deal could be announced as soon as Sunday, according to the report.
Novartis and Avidity did not immediately respond to CNBC’s requests for comment.
Avidity specializes in the development of an innovative class of ribonucleic acid (RNA) therapies called antibody-oligonucleotide conjugates. RNA-based therapies are a relatively new class of drugs that work by altering the way genes are expressed to treat or prevent diseases.
The reported discussions come as Novartis steps up its research and development division. Earlier this year, the company pledged to invest $23 billion to build out its U.S.-based infrastructure, including plans to build a second research and development center in San Diego.
The company also closed two key deals with Anthos Therapeutics and Regulus Therapeutics this year to boost its development and manufacturing of drugs for cardiovascular and kidney diseases.
Avidez shares closed at $49.15 on Friday. The stock, which has a market capitalization of about $7.2 billion, is up nearly 70% since the beginning of the year. Novartis shares closed Friday at $130.36.