Novartis is based in Basel in northern Switzerland

Novartis is based in Basel in northern Switzerland

 GABRIEL MONNET

Swiss pharmaceutical giant Novartis announced Sunday it had agreed to buy Avidity Biosciences, with the San Diego-based biopharmaceutical company being valued at $12 billion.

"The proposed acquisition is expected to create an industry-leading pipeline, building on the Novartis expertise in spinal muscular atrophy and commercialisation capabilities in genetic neuromuscular diseases," Novartis said in a statement.

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