Avidity Biosciences announces expected record date for spin-off

Avidity Biosciences (RNA) announced that its board of directors has designated the close of business, Eastern Time, on February 12 as the record date for the pro rata distribution of all of the issued and outstanding shares of common stock of Atrium Therapeutics to holders of Avidity common stock on the record date in connection with the previously announced proposed acquisition of Avidity by Novartis (NVS) and the separation of Avidity’s early-stage precision cardiology programs into SpinCo. Each such holder will receive one share of SpinCo common stock for every ten shares of Avidity common stock held on the record date. Completion of the merger and of the spin-off remain subject to certain closing conditions noted in Avidity’s definitive proxy statement filed with the SEC on January 30, including the receipt of Avidity stockholder approval. Accordingly, the record date may change based on the closing date of the merger and the spin-off.