Avidity Biosciences (NASDAQ: RNA) shares surged as much as 45% in premarket trading on Monday. This significant increase came after Novartis (NYSE: NVS) agreed to acquire the biotechnology company in a deal valued at $12 billion.
As part of the agreement, Novartis will pay $72 per share for Avidity Biosciences, reflecting the company’s strong position in the biotech sector and Novartis’s commitment to expanding its portfolio.
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