Swiss drugmaker Novartis on Sunday said it agreed to acquire U.S. biotech firm Avidity Biosciences for about $12 billion in cash.

Avidity stockholders will receive $72 per share in cash, representing a premium of 46% to the company's closing on Friday.

Under the terms of agreement, Avidity will separate its early-stage precision cardiology programs into a new company called Spinco.

Novartis has been actively striking deals in 2025 as it looks to bolster its drug pipeline and drive future growth, and the Financial Times reported in August that the Swiss drugmaker had approached Avidity Biosciences for a potential takeover offer.