Novartis announced its plan to acquire U.S. biotech firm Avidity Biosciences in a deal valued at roughly US$12 billion, making it the largest takeover under CEO Vas Narasimhan. Novartis shares fell about 1% on the news, while Avidity’s stock surged. The acquisition underscores consolidation in the RNA-based therapeutics area and highlights high valuations in biotechnology. Analysts say integration risk is non-trivial, but the deal reflects the premium placed on next-generation therapies and biotech innovation pipelines.