Novartis Sells $11 Billion Bonds to Fund Avidity Acquisition (2)

Novartis AG raised $11 billion to help fund its purchase of Avidity Biosciences Inc., adding to a flurry of buyout-related bond sales.

A unit of the Swiss drugmaker sold investment-grade US dollar bonds in seven tranches, with maturities ranging from three to 30 years, according to a person familiar with the matter. A five-year floating-rate note was dropped during syndication, added the person, who asked not to be identified as they’re not authorized to speak publicly.

The longest tenor — a bond maturing in 2056 — will yield 0.9 percentage point over Treasuries, about 0.3 percentage point tighter than initial ...