AOC Enters MNC Spotlight: Novartis Plans to Acquire Avidity Biosciences

▎Armstrong

On August 6, 2025, the Financial Times reported that Novartis plans to acquire Avidity Biosciences.

Affected by this news, Avidity Biosciences' stock price surged 26% on the same day, reaching a market value of $5.8 billion.

Avidity Biosciences, a pioneer biotech in the AOC (Antibody-Oligonucleotide Conjugates) field, has three products already in the registration pathway stage. In June this year, the FSHD pipeline Del-Brax was approved to enter the accelerated approval pathway, and its Phase III validation clinical trial has been initiated. In July this year, the DMD pipeline Del-Zota was granted Breakthrough Therapy Designation by the FDA. Also in July, the DM1 pipeline Del-Disiran completed patient enrollment for its Phase III clinical trial, with top-line data expected to be released in Q2 2026.

In the next one and a half years, Avidity Biosciences' three core pipelines will face multiple key catalyst events.

Avidity Biosciences is actively iterating around its muscle delivery technology platform. The targeting end can utilize antibodies, cyclic peptides, lipids, etc., and the modification end of siRNA is also being optimized.

The new generation of muscle-targeted AOCs improves delivery efficiency and extends the duration of sustained inhibition, among other advancements.

Avidity Biosciences has achieved multiple clinical breakthroughs in muscle delivery of AOC and will expand to more tissue-targeted deliveries and different therapeutic areas in the future.

Summary

The small nucleic acid track has become another mature drug form after antibodies and small molecules, expanding to multiple common disease indications. The successful combination of small molecules and antibodies gave rise to the entirely new ADC track, while the combination of small nucleic acids and antibodies has spawned the new AOC track, quickly achieving POC in muscle delivery, and may expand to more therapeutic areas in the future.