Novartis to Acquire Avidity Biosciences, Spin Off Cardiovascular Assets

Novartis has agreed to acquire Avidity Biosciences in the first half of 2026, obtaining the company's RNA therapeutics platform and pipeline focused on neuromuscular diseases. As part of the transaction, Avidity's RNA programs targeting cardiovascular disease will be separated into a new independent company called Atrium and distributed to existing shareholders.

The transaction is structured through an Agreement and Plan of Merger dated October 25, 2025, among Novartis, Ajax Acquisition Sub, Inc., a Delaware corporation and an indirect wholly owned subsidiary of Novartis, and Avidity. A Separation and Distribution Agreement dated the same day governs the spinoff of the cardiovascular assets.

Avidity Biosciences is holding a special meeting of stockholders on February 23, 2026, at 10:00 a.m. Eastern time to vote on the proposed transaction. The company initially mailed a definitive proxy statement to stockholders on or about January 30, 2026, and filed supplemental materials on February 18, 2026.

The wholly owned subsidiary of Avidity that will become the independent company changed its name from Bryce Therapeutics, Inc. to Atrium Therapeutics, Inc. on December 8, 2025. Atrium is expected to trade under the same RNA ticker currently used by Avidity Biosciences.

Under the terms of the merger agreement, Novartis will acquire Avidity's RNA therapeutics platform and pipeline focused on neuromuscular diseases, while existing Avidity shareholders will receive shares in the newly independent Atrium, which will hold the cardiovascular disease programs.