Avidity Biosciences, Inc. reported on October 25, 2025, that it has entered into a merger agreement with Novartis AG, where Avidity will become a wholly-owned subsidiary of Novartis, with shareholders receiving $72.00 per share in cash. Additionally, there will be a spin-off distribution of shares in a newly formed subsidiary, SpinCo, to Avidity's shareholders at a ratio of 1 share of SpinCo for every 10 shares of Avidity.