Novartis (NVS) has approached Avidity Biosciences (RNA) and expressed interest in a potential takeover to strengthen its pipeline of therapies for rare genetic disorders, Financial Times reported Wednesday, citing people familiar with the matter.
The early-stage talks value Avidity at $4.3 billion, the report said. A deal is not guaranteed and another suitor could emerge or talks could fall through, according to FT.
Avidity is working with advisers to evaluate options, the report added.
Novartis and Avidity did not immediately respond to MT Newswires' request for comment.
Shares of Novartis were down more than 2% in recent trading Wednesday, while Avidity Biosciences shares jumped 22%.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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