Novartis takes $1.9B write-down after Avidity's del-desiran fails Phase 3 but reaffirms confidence in $12B acquisition

Novartis announced a $1.9 billion partial impairment after the Phase 3 HARBOR study of del-desiran, an antibody‑oligonucleotide conjugate from its Avidity Biosciences acquisition, did not meet its primary endpoints in myotonic dystrophy type 1 patients.

Despite the setback, CEO Vas Narasimhan told reporters that the company remains "very happy" with the $12 billion purchase and believes the broader platform still holds significant value.

He explained that the write‑down reflects a revised valuation based on the need for an additional pivotal trial, which will require more time and investment, but the underlying technology and the other assets acquired remain promising.