Avidity Biosciences has announced that its board of directors has set February 12, 2026, as the record date for the planned pro rata distribution of shares in Atrium Therapeutics, the company’s newly formed spin-off entity.

The distribution is linked to Avidity’s previously announced acquisition by Novartis AG and the separation of its early-stage precision cardiology programmes into Atrium Therapeutics (SpinCo). Shareholders of Avidity common stock as of the close of business (Eastern Time) on the record date will receive one share of SpinCo common stock for every ten shares of Avidity common stock held.

The spin-off aims to carve out Avidity’s early-stage cardiology portfolio into a standalone company, allowing focused development while Avidity proceeds with its merger with Novartis.

However, both the proposed merger and the spin-off remain subject to customary closing conditions outlined in Avidity’s definitive proxy statement filed with the U.S. Securities and Exchange Commission on January 30, 2026. These conditions include approval from Avidity stockholders. The company noted that the record date could change depending on the final closing timeline of the merger and spin-off transactions.