Novartis AG (NVS) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and good afternoon, everyone, and welcome to our conference call on the proposed acquisition of Avidity. The information presented today contains forward-looking statements that involve known and unknown risks, uncertainties, and other factors. These may cause actual results to be materially different from any future results, performance, or achievements expressed or implied by such statements. Please refer to the company's Form 20-F on file with the U.S. Securities and Exchange Commission for a description of some of these factors. The discussion today is not the solicitation of a proxy nor an offer of any kind with respect to the securities of Avidity Biosciences or SpinCub. The parties intend to file relevant documents with the U.S. SEC, including a proxy statement for the transaction and a registration statement for the spinoff. We urge you to read these materials and contain important information when they become available. Before we get started, I just want to remind our analysts to please limit yourselves to one question at a time. We'll cycle to the queue as often as we need to. We're also not taking questions on Q3 earnings or other clinical trials on this call. And with that, we'll hand across to Beth. Great. Thank you, Sloan. And thank you, everybody, for joining today's conference call. We're very excited to go over with you the proposed acquisition of Ability Biosciences, which we think is a strong strategic fit for the company, builds our presence in neuromuscular diseases, builds our RNA technology platform, and materially improves the medium and long-term growth profile of Novartis. So moving to slide four, I wanted to give you first an overview of the transaction. Novartis proposes to acquire all outstanding shares of Avidity for $72 per...