Avidity Biosciences, Inc. (formerly NASDAQ: RNA, temporarily RNAM) is a clinical-stage biopharmaceutical company focused on developing a new class of RNA therapeutics called Antibody Oligonucleotide Conjugates (AOCs™) for serious diseases, including rare genetic cardiomyopathies and neuromuscular disorders.
On February 23, 2026, Avidity announced it would convene its special stockholder meeting as scheduled and immediately adjourn it without conducting business. The meeting reconvened on February 26, 2026, at 10:00 a.m. Eastern time. The adjournment provided additional time to satisfy all conditions for the pro rata distribution of shares of Atrium Therapeutics, Inc. (“SpinCo” or Atrium), a newly formed entity holding Avidity’s early-stage precision cardiology programs.Key Transaction Details
- Shareholders approved both the spin-off and the proposed acquisition by Novartis AG on February 26, 2026.
- Pro rata distribution: Avidity distributed one share of Atrium Therapeutics common stock for every ten shares of Avidity common stock held (record date January 29, 2026; distribution completed February 27, 2026).
- Novartis merger: Closed on February 27, 2026. Avidity became an indirect wholly owned subsidiary of Novartis. Holders of Avidity shares received $72.00 in cash per share. Avidity’s shares have ceased trading on Nasdaq and will be delisted.
- Atrium Therapeutics now trades under the recycled ticker NASDAQ: RNA (effective February 27, 2026) as an independent public company.
RNA’s stock price closed at $72.80 on February 26, 2026, up $0.05 (+0.07%). Intraday range: $72.68 – $72.90.
- 52-week range: $21.51 – $73.06 (significant appreciation over the past year).
- Market capitalization: Approximately $11.25 billion.
- Trading volume: 11.64 million shares (well above average, reflecting strong investor interest ahead of the transaction).
Post-Transaction Summary
The completed transaction separates Avidity’s cardiology assets into the new independent company Atrium Therapeutics (NASDAQ: RNA), which launched with approximately $270 million in cash to advance its pipeline. The remaining Avidity muscle-directed AOC platform and late-stage programs were acquired by Novartis for approximately $12 billion (fully diluted equity value).
This strategic move allows focused advancement of both companies’ pipelines while delivering immediate cash value to Avidity shareholders through the $72.00 per-share merger consideration plus their pro-rata ownership in the newly public Atrium Therapeutics. All details above are confirmed via Avidity’s official press releases, SEC filings (including the proxy supplement and 8-K), Novartis announcement, and market data as of February 27, 2026.
