The deal could be announced as early as Sunday, reports said.
Novartis and Avidity did not immediately respond to CNBC’s request for comment.
Avidity specializes in developing an innovative class of ribonucleic acid (RNA) therapeutics called antibody oligonucleotide conjugates. RNA-based therapeutics are a relatively new class of drugs that work by changing how genes are expressed to treat or prevent diseases.
Discussions in the report come as Novartis has ramped up its research and development division. The company pledged earlier this year to invest $23 billion in building US-based infrastructure, including plans to build a second R&D hub in San Diego.
The company signed two key deals this year with Anthos Therapeutics and Regulus Therapeutics to boost the development and manufacturing of drugs for cardiovascular and kidney diseases.
Avidity shares closed at $49.15 on Friday. The stock, with a market capitalization of roughly $7.2 billion, is up nearly 70% since the start of the year. Shares of Novartis closed at $130.36 on Friday.
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