Novartis Considers Takeover Bid for Biotech Firm Avidity Biosciences

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Swiss pharmaceutical giant Novartis is reportedly exploring a potential acquisition of U.S.-based biotech company Avidity Biosciences, according to the Financial Times. The discussions are said to be in early stages, with Novartis aiming to strengthen its portfolio of treatments for rare genetic disorders.

Shares of Avidity surged 23% to $47.10 following the news, giving the company a market valuation of approximately $4.6 billion. Avidity is focused on developing therapies for rare muscle diseases, including its lead candidate del-zota, targeting a rare form of Duchenne muscular dystrophy. The company is also developing two other treatments for serious muscle disorders.

Sources familiar with the talks noted that while Novartis has expressed interest recently, there is no guarantee a deal will materialize, as other suitors could enter or negotiations might fall through. Avidity is working with advisers to evaluate strategic options. Both companies declined to comment.

This potential acquisition fits into Novartis’ broader strategy in 2025 to expand its drug pipeline through targeted deals. Earlier this year, Novartis agreed to acquire Anthos Therapeutics for $3.1 billion to boost its cardiovascular treatments and struck a deal to acquire Regulus Therapeutics for up to $1.7 billion, targeting kidney disease therapies. Additionally, Novartis partnered with Matchpoint Therapeutics in a deal worth up to $1 billion to develop oral medicines for inflammatory conditions.

Blackstone to Acquire Energy Data Firm Enverus in $6.5 Billion Deal

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Blackstone, the world’s largest alternative asset manager, announced on Wednesday it has agreed to acquire energy data and analytics provider Enverus. Sources indicate the deal could be valued at up to $6.5 billion if Enverus meets certain financial targets, with Blackstone committing between $6.1 billion and $6.4 billion for the acquisition. The transaction is expected to be partly financed by approximately $3 billion in debt.

This acquisition marks a sign of revival in private equity dealmaking following a slowdown caused by economic uncertainties and tariffs. Blackstone’s President Jonathan Gray recently noted that the “dealmaking pause was behind us.”

Enverus, based in Austin, Texas, provides analytics and benchmark data to over 8,000 customers worldwide, spanning energy producers, suppliers, utilities, and power companies. Founded in 1999, it leverages AI and real-time intelligence in the energy sector—a focus highlighted by Enverus CEO Manuj Nikhanj, who called the partnership a “launchpad” for growth.

Blackstone’s investment follows its recent moves in energy, including the acquisition of a large natural gas power plant in Virginia earlier this year. The deal, expected to close by the end of 2025, was advised by RBC Capital Markets and Simpson Thacher & Bartlett, while Citi, Morgan Stanley, and Kirkland & Ellis advised Enverus and its current owner Hellman & Friedman.

Hellman & Friedman, which acquired Enverus in 2021 for $4.25 billion, initiated the current sale process, drawing interest from multiple buyout firms.

U.S. Senator Tom Cotton Questions Intel CEO Lip-Bu Tan’s Ties to China in Letter to Board Chair

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Republican Senator Tom Cotton sent a letter on Wednesday to Intel’s board chair, Frank Yeary, raising concerns about new CEO Lip-Bu Tan’s connections to Chinese firms and a criminal case linked to Tan’s former company, Cadence Design. Cotton questioned Intel’s board about its awareness of subpoenas issued to Cadence during Tan’s leadership and asked what steps were taken to address potential security risks.

The letter probes whether Tan was required to divest from Chinese chip companies with ties to the Chinese military or Communist Party, given Intel’s involvement in the U.S. government’s Secure Enclave program — an initiative under the Biden administration to secure microelectronics supply for national defense. Cotton emphasized Intel’s responsibility to safeguard American taxpayer funding and questioned if Tan’s affiliations might compromise Intel’s national security obligations.

Intel responded by affirming its and Tan’s commitment to U.S. national security and pledged to address the senator’s concerns directly.

Earlier reporting revealed that between 2012 and 2024, Tan or venture funds he managed invested at least $200 million in hundreds of Chinese advanced manufacturing and chip firms, some linked to China’s military. While a source said Tan had divested some holdings, public databases still listed many investments as current.

In related news, Cadence Design agreed last week to plead guilty and pay over $140 million to settle charges for selling chip design software to a Chinese military university allegedly involved in nuclear blast simulation. These sales occurred under Tan’s tenure as CEO (2008–2021) and executive chairman until 2023.

Cotton’s letter cited the Reuters investigation into Tan’s Chinese ties and underscored the heightened scrutiny Intel faces due to its federal funding under the Secure Enclave program.