<SEC-DOCUMENT>0001193125-25-289629.txt : 20251120
<SEC-HEADER>0001193125-25-289629.hdr.sgml : 20251120
<ACCEPTANCE-DATETIME>20251120152102
ACCESSION NUMBER:		0001193125-25-289629
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20251120
DATE AS OF CHANGE:		20251120

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Avidity Biosciences, Inc.
		CENTRAL INDEX KEY:			0001599901
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		ORGANIZATION NAME:           	03 Life Sciences
		EIN:				461336960
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-39321
		FILM NUMBER:		251502682

	BUSINESS ADDRESS:	
		STREET 1:		3020 CALLAN ROAD
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92121
		BUSINESS PHONE:		858-401-7900

	MAIL ADDRESS:	
		STREET 1:		3020 CALLAN ROAD
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92121

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Avidity Biosciences LLC
		DATE OF NAME CHANGE:	20161227

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Avidity NanoMedicines LLC
		DATE OF NAME CHANGE:	20140211
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>d782860ddefa14a.htm
<DESCRIPTION>DEFA14A
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<TITLE>DEFA14A</TITLE>
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<P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES
AND EXCHANGE COMMISSION </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE 14A </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Proxy
Statement Pursuant to Section&nbsp;14(a) of the </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Securities Exchange Act of 1934 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Filed by the Registrant&#8194;&#9746; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Filed by a party other
than the Registrant&#8194;&#9744; </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Preliminary Proxy Statement </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B></B>&#9744;<B></B><B></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Confidential, for Use of the Commission Only (as permitted by Rule
<FONT STYLE="white-space:nowrap">14a-6(e)(2))&nbsp;</FONT> </B></P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Definitive Proxy Statement </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Definitive Additional Materials </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Soliciting Material Pursuant to <FONT STYLE="white-space:nowrap">&#167;240.14a-12</FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>AVIDITY BIOSCIENCES, INC. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Name of Registrant as Specified in its Charter) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Name of Person(s) Filing Proxy Statement, if other than the Registrant) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Payment of Filing Fee (Check the appropriate box): </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">No fee required. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Fee paid previously with preliminary materials. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a6(i)(1) and <FONT
STYLE="white-space:nowrap">0-11.</FONT></P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Schedule 14A relates solely to preliminary communications made prior to furnishing security holders of
Avidity Biosciences, Inc. (&#8220;<U>Avidity</U>&#8221; or the &#8220;<U>Company</U>&#8221;) with a proxy statement related to a proposed transaction in which Ajax Acquisition Sub, Inc. (&#8220;<U>Merger Sub</U>&#8221;), an indirect wholly owned
subsidiary of Novartis AG (&#8220;<U>Novartis</U>&#8221; or &#8220;<U>Parent</U>&#8221;), will be merged with and into the Company, with the Company being the surviving corporation and continuing as an indirect wholly owned subsidiary of Parent (the
&#8220;<U>Merger</U>&#8221;), upon the terms and subject to the conditions set forth in the Agreement and Plan of Merger, dated October&nbsp;25, 2025, among the Company, Parent, and Merger Sub. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In connection with the Merger, the Company, Bryce Therapeutics, Inc. (which will be renamed prior to the Effective Time (as defined below)), a newly formed
Delaware corporation and wholly owned subsidiary of the Company (&#8220;<U>SpinCo</U>&#8221;), and Parent (with respect to certain sections specified therein) entered into a Separation and Distribution Agreement, dated October&nbsp;25, 2025 (the
&#8220;<U>Separation and Distribution Agreement</U>&#8221;), pursuant to which, on the terms and subject to the conditions set forth in the Separation and Distribution Agreement, prior to the effective time of the Merger (the &#8220;<U>Effective
Time</U>&#8221;): (i) the Company will effect a <FONT STYLE="white-space:nowrap">pre-closing</FONT> reorganization, which will result in SpinCo owning, assuming or retaining all assets and liabilities of the Company and its subsidiaries related to
their early stage precision cardiology programs and certain collaboration agreements, and the Company owning, assuming or retaining all other assets and liabilities and (ii)&nbsp;thereafter, the Company will either (a)&nbsp;distribute to its
stockholders as of the distribution record date, on a pro rata basis, all of the issued and outstanding shares of SpinCo Common Stock, par value $0.001 per share (&#8220;<U>SpinCo Common Stock</U>&#8221;), at a ratio of 1 share of SpinCo Common
Stock per 10 shares of common stock, par value $0.0001 per share, of the Company, with SpinCo continuing its existence as a separate and independent company or (b)&nbsp;consummate a sale of SpinCo to a third party, subject to the terms and
conditions specified in the Merger Agreement and the Separation and Distribution Agreement. Following completion of the transactions contemplated by the Separation and Distribution Agreement (the
&#8220;<U><FONT STYLE="white-space:nowrap">Spin-Off</FONT></U>&#8221;), the Company will have no continuing ownership interest in SpinCo. The <FONT STYLE="white-space:nowrap">Spin-Off</FONT> also includes certain assets of the Company that trigger a
right of first negotiation with an existing collaboration partner of the Company that was notified concurrently with the Company&#8217;s announcement of its entry into the Merger Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Schedule 14A filing consists of the following documents relating to the Merger, the <FONT STYLE="white-space:nowrap">Spin-Off</FONT> and the other
transactions contemplated by the Merger Agreement: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Exhibit&nbsp;99.1: &#8195;Letter for Distribution to DMD Community </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Exhibit&nbsp;99.2: &#8195;Letter for Distribution to DM1 Community </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Exhibit 99.3: &#8195;Letter for Distribution to FSHD Community </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>*&#8195;&#8195;*&#8195;&#8195;* </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Additional Information and Where to Find It </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In
connection with the <FONT STYLE="white-space:nowrap">Spin-Off</FONT> and the Merger (the &#8220;<U>Transactions</U>&#8221;), Novartis, Avidity and SpinCo intend to file relevant documents with the SEC, including a preliminary and definitive proxy
statement to be filed by Avidity. The definitive proxy statement and proxy card will be delivered to the stockholders of Avidity in advance of the special meeting relating to the Transactions. This document is not a substitute for the proxy
statement or any other document that may be filed by Avidity with the SEC. AVIDITY&#8217;S STOCKHOLDERS ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT IN ITS ENTIRETY WHEN IT BECOMES AVAILABLE AND ANY OTHER DOCUMENTS FILED BY EACH OF NOVARTIS AND
AVIDITY WITH THE SEC IN CONNECTION WITH THE TRANSACTIONS OR INCORPORATED BY REFERENCE THEREIN BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTIONS AND THE PARTIES TO THE PROPOSED TRANSACTIONS. Investors and security
holders will be able to obtain a free copy of the proxy statement and such other documents containing important information about Novartis and Avidity, once such documents are filed with the SEC, through the website maintained by the SEC at
www.sec.gov. Novartis and Avidity make available free of charge at the Novartis website at <FONT STYLE="white-space:nowrap">www.novartis.com/investors/financial-data/sec-filings</FONT> and Avidity&#8217;s website at
<FONT STYLE="white-space:nowrap">investors.aviditybiosciences.com/sec-filings,</FONT> respectively, copies of documents they file with, or furnish to, the SEC. The contents of the websites referenced above will not be deemed to be incorporated by
reference into the proxy statement. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Participants in the Solicitation </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This communication does not constitute a solicitation of a proxy. Novartis, Avidity and their respective directors, executive officers and certain employees
may be deemed to be participants in the solicitation of proxies from the stockholders of Avidity in connection with the Transactions. Information regarding the special interests of these directors and executive officers in the Transactions will be
included in the definitive proxy statement referred to above. Security holders may also obtain information regarding the names, affiliations and interests of the Novartis directors and executive officers in the Novartis Annual Report on Form <FONT
STYLE="white-space:nowrap">20-F</FONT> for the fiscal year ended December&nbsp;31, 2024, which was filed with the SEC on January&nbsp;31, 2025. Security holders may obtain information regarding the names, affiliations and interests of
Avidity&#8217;s directors and executive officers in Avidity&#8217;s definitive proxy statement on Schedule 14A, which was filed with the SEC on April&nbsp;29, 2025. To the extent the holdings of Avidity&#8217;s securities by Avidity&#8217;s
directors and executive officers have changed since the amounts set forth in Avidity&#8217;s definitive proxy statement for its 2025 annual meeting of stockholders, such changes have been reflected in the following Statements of Change in Ownership
on Form 4 filed with the SEC: by Eric Mosbrooker, dated October&nbsp;7, 2025, September&nbsp;5, 2025 and August&nbsp;8, 2025; by Steven Hughes, dated October&nbsp;24, 2025, September&nbsp;23, 2025, September&nbsp;17, 2025, August&nbsp;22, 2025,
August&nbsp;15, 2025 and August&nbsp;8, 2025; by Teresa McCarthy, dated October&nbsp;15, 2025, September&nbsp;17, 2025 and August&nbsp;15, 2025; by Michael Flanagan, dated September&nbsp;12, 2025 and June&nbsp;12, 2025; by Troy Wilson, dated
September&nbsp;9, 2025, August&nbsp;8, 2025 and June&nbsp;12, 2025; by Sarah Boyce, dated September&nbsp;5, 2025 and August&nbsp;29, 2025; by Kathleen Gallagher, dated September&nbsp;2, 2025, June&nbsp;18, 2025, June&nbsp;4, 2025 and May&nbsp;2,
2025; by Michael MacLean, dated August&nbsp;15, 2025; by Arthur Levin, dated August&nbsp;8, 2025 and June&nbsp;12, 2025; by John Moriarty, dated August&nbsp;5, 2025; by Noreen Henig, dated June&nbsp;12, 2025; by Carsten Boess, dated June&nbsp;12,
2025; by Edward Kaye, dated June&nbsp;12, 2025; by Simona Skerjanec, dated June&nbsp;12, 2025; by Tamar Thompson, dated June&nbsp;12, 2025; and by Jean Kim, dated June&nbsp;12, 2025. These documents (when available) may be obtained free of charge
from the SEC&#8217;s website at www.sec.gov, the Novartis website at <FONT STYLE="white-space:nowrap">www.novartis.com/investors/financial-data/sec-filings</FONT> and Avidity&#8217;s website at
<FONT STYLE="white-space:nowrap">investors.aviditybiosciences.com/sec-filings.</FONT> The contents of the websites referenced above are not deemed to be incorporated by reference into the proxy statement. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>No Offer or Solicitation </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This communication is
for informational purposes only and is not intended to and does not constitute, or form part of, an offer, invitation or the solicitation of an offer or invitation to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of any
securities, or the solicitation of any vote or approval in any jurisdiction, pursuant to the proposed transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Forward-Looking Statements </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This
communication contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements can generally be identified by words such as &#8220;potential,&#8221;
&#8220;can,&#8221; &#8220;will,&#8221; &#8220;plan,&#8221; &#8220;may,&#8221; &#8220;could,&#8221; &#8220;would,&#8221; &#8220;expect,&#8221; &#8220;anticipate,&#8221; &#8220;look forward,&#8221; &#8220;believe,&#8221; &#8220;committed,&#8221;
&#8220;investigational,&#8221; &#8220;pipeline,&#8221; &#8220;launch,&#8221; or similar terms, or by express or implied discussions regarding the proposed acquisition of Avidity and Avidity&#8217;s related
<FONT STYLE="white-space:nowrap">Spin-Off,</FONT> the expected timetable for completing each of the proposed Transactions, the composition of the assets and liabilities to be held by SpinCo and Avidity following the
<FONT STYLE="white-space:nowrap">Spin-Off,</FONT> the management team for SpinCo and its cash balance, potential marketing approvals, new indications or labeling for Avidity&#8217;s product candidates, Avidity&#8217;s platform and preclinical
assets, or potential future revenues from Avidity&#8217;s product candidates. You should not place undue reliance on these statements. Such forward-looking statements are based on our current beliefs and expectations regarding future events, and are
subject to significant known and unknown risks and uncertainties. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those set forth in the
forward-looking statements. There can be no guarantee that Avidity&#8217;s investigational products will be submitted or approved for sale or for any additional indications or labeling in any market, or at any particular time, or that
Avidity&#8217;s approach to the discovery and development of product candidates based on its AOC<SUP STYLE="font-size:75%; vertical-align:top">&#153;</SUP> platform will produce any products of commercial value. There can be no guarantee that the
conditions to the closing of the Transactions will be satisfied on the expected </P>
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timetable or at all or that the expected benefits or synergies from the Transactions will be achieved in the expected timeframe, or at all. In particular, expectations regarding Avidity, SpinCo,
or the Transactions could be affected by, among other things, the timing of the satisfaction of customary closing conditions, including the receipt of regulatory approvals and the approval of Avidity&#8217;s stockholders, on acceptable terms or at
all; risks and costs related to the implementation of the separation of SpinCo, including the ability to complete the separation in the anticipated timeframe, or at all, and any changes to the configuration of the businesses included in the
separation if implemented; the sale of certain of SpinCo&#8217;s assets pursuant to a third party right of first negotiation; the risk that competing offers or acquisition proposals will be made; the effects of disruption from the Transactions and
the impact of the announcement and pendency of the Transactions on Novartis&#8217; and/or Avidity&#8217;s businesses, including their relationships with employees, business partners or governmental entities; the risk that the Transactions may be
more expensive to complete than anticipated; the risk that stockholder litigation in connection with the Transactions may result in significant costs of defense, indemnification and liability; a diversion of management&#8217;s attention from ongoing
business operations and opportunities as a result of the Transactions or otherwise; the uncertainties inherent in research and development, including clinical trial results and additional analysis of existing clinical data; regulatory actions or
delays or government regulation generally; and the risks and factors referred to in Novartis&#8217; most recent Annual Report on Form <FONT STYLE="white-space:nowrap">20-F</FONT> for the year ended December&nbsp;31, 2024, Avidity&#8217;s Annual
Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended December&nbsp;31, 2024 and Quarterly Reports on Form <FONT STYLE="white-space:nowrap">10-Q</FONT> for the quarters ended March&nbsp;31, 2025, June&nbsp;30, 2025, and
September&nbsp;30, 2025, and any subsequent filings made by either party with the SEC, available on the SEC&#8217;s website at www.sec.gov. Avidity is providing the information in this communication as of this date and does not undertake any
obligation to update any forward-looking statements contained in this communication as a result of new information, future events or otherwise, except to the extent required by law. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.1 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Letter for Distribution to DMD Community </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">November&nbsp;20, 2025 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear DMD Community: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On October 26<SUP STYLE="font-size:75%; vertical-align:top">th</SUP>, 2025, we announced that Avidity entered into a definitive merger agreement to be
acquired by Novartis, under which Novartis will acquire our programs and pipeline in neuroscience and gain access to our differentiated <FONT STYLE="white-space:nowrap">RNA-targeting</FONT> delivery platform. The agreement encompasses our three
late-stage clinical development programs: del-zota, del-desiran and del-brax. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We know news like this is exciting and can also bring feelings of
uncertainty and questions about what happens next. It&#8217;s important to remember that the announcement is the first step in the process. As we have information available, we will make sure to share it directly with you. Here&#8217;s the
information we have available today: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We will work closely with Novartis to ensure that our registrational studies continue to run smoothly after the
transaction closes and are committed to supporting a seamless transition of these programs. As one of the world&#8217;s leading global healthcare companies, Novartis is well-positioned to continue advancing del-zota, to commercialization, and we are
confident this transaction will support the global expansion of our neuroscience pipeline. Until the transaction closes, which we expect to occur in the first half of 2026, Avidity will continue to operate as a separate and independent company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A clear path forward was aligned with the FDA following October 2025 <FONT STYLE="white-space:nowrap">pre-biologic</FONT> license application (BLA) meeting.
The BLA submission is planned for 2026 for accelerated approval. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Novartis shares our commitment to reaching as many individuals living with DMD amenable
to <FONT STYLE="white-space:nowrap">exon-44</FONT> skipping as quickly as possible on a global scale. The depth of Novartis&#8217;s expertise, resources and its infrastructure will help ensure that del-zota reaches these individuals globally most in
need as quickly and safely as possible. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sincerely, </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The
Avidity Team </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Additional information and Where to Find It </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In connection with the <FONT STYLE="white-space:nowrap">spin-off</FONT> and the merger (the &#8220;Transactions&#8221;), Novartis, Avidity and SpinCo intend to
file relevant documents with the Securities and Exchange Commission (the &#8220;SEC&#8221;), including a preliminary and definitive proxy statement to be filed by Avidity. The definitive proxy statement and proxy card will be delivered to the
stockholders of Avidity in advance of the special meeting relating to the Transactions. This document is not a substitute for the proxy statement or any other document that may be filed by Avidity with the SEC. AVIDITY&#8217;S STOCKHOLDERS ARE URGED
TO READ THE DEFINITIVE PROXY STATEMENT IN ITS ENTIRETY WHEN IT BECOMES AVAILABLE AND ANY OTHER DOCUMENTS FILED BY EACH OF NOVARTIS AND AVIDITY WITH THE SEC IN CONNECTION WITH THE TRANSACTIONS OR INCORPORATED BY REFERENCE THEREIN BECAUSE THEY WILL
CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTIONS AND THE PARTIES TO THE PROPOSED TRANSACTIONS. Investors and security holders will be able to obtain a free copy of the proxy statement and such other documents containing important
information about Novartis and Avidity, once such documents are filed with the SEC, through the website maintained by the SEC at <U>www.sec.gov</U>. Novartis and Avidity make available free of charge at the Novartis website at <U><FONT
STYLE="white-space:nowrap">www.novartis.com/investors/financial-data/sec-filings</FONT></U> and Avidity&#8217;s website at <U><FONT STYLE="white-space:nowrap">investors.aviditybiosciences.com/sec-filings</FONT></U>, respectively, copies of documents
they file with, or furnish to, the SEC. The contents of the websites referenced above will not be deemed to be incorporated by reference into the proxy statement. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Participants in the Solicitation </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This communication does
not constitute a solicitation of a proxy. Novartis, Avidity and their respective directors, executive officers and certain employees may be deemed to be participants in the solicitation of proxies from the stockholders of Avidity in connection with
the Transactions. Information regarding the special interests of these directors and executive officers in the Transactions will be included in the definitive proxy statement referred to above. Security holders may also obtain information regarding
the names, affiliations and interests of the Novartis directors and executive officers in the Novartis Annual Report on Form <FONT STYLE="white-space:nowrap">20-F</FONT> for the fiscal year ended December&nbsp;31, 2024, which was filed with the SEC
on January&nbsp;31, 2025. Security holders may obtain information regarding the names, affiliations and interests of Avidity&#8217;s directors and executive officers in Avidity&#8217;s definitive proxy statement on Schedule 14A, which was filed with
the SEC on April&nbsp;29, 2025. To the extent the holdings of Avidity&#8217;s securities by Avidity&#8217;s directors and executive officers have changed since the amounts set forth in Avidity&#8217;s definitive proxy statement for its 2025 annual
meeting of stockholders, such changes have been reflected in the following Statements of Change in Ownership on Form 4 filed with the SEC: by Eric Mosbrooker, dated October&nbsp;7, 2025, September&nbsp;5, 2025 and August&nbsp;8, 2025; by Steven
Hughes, dated October&nbsp;24, 2025, September&nbsp;23, 2025, September&nbsp;17, 2025, August&nbsp;22, 2025, August&nbsp;15, 2025 and August&nbsp;8, 2025; by Teresa McCarthy, dated October&nbsp;15, 2025, September&nbsp;17, 2025 and August&nbsp;15,
2025; by Michael Flanagan, dated September&nbsp;12, 2025 and June&nbsp;12, 2025; by Troy Wilson, dated September&nbsp;9, 2025, August&nbsp;8, 2025 and June&nbsp;12, 2025; by Sarah Boyce, dated September&nbsp;5, 2025 and August&nbsp;29, 2025; by
Kathleen Gallagher, dated September&nbsp;2, 2025, June&nbsp;18, 2025, June&nbsp;4, 2025 and May&nbsp;2, 2025; by Michael MacLean, dated August&nbsp;15, 2025; by Arthur Levin, dated August&nbsp;8, 2025 and June&nbsp;12, 2025; by John Moriarty, dated
August&nbsp;5, 2025; by Noreen Henig, dated June&nbsp;12, 2025; by Carsten Boess, dated June&nbsp;12, 2025; by Edward Kaye, dated June&nbsp;12, 2025; by Simona Skerjanec, dated June&nbsp;12, 2025; by Tamar Thompson, dated June&nbsp;12, 2025; and by
Jean Kim, dated June&nbsp;12, 2025. These documents (when available) may be obtained free of charge from the SEC&#8217;s website at <I>www.sec.gov</I>, the Novartis website at
<FONT STYLE="white-space:nowrap">www.novartis.com/investors/financial-data/sec-filings</FONT> and Avidity&#8217;s website at <U><FONT STYLE="white-space:nowrap">investors.aviditybiosciences.com/sec-filings</FONT></U>. The contents of the websites
referenced above are not deemed to be incorporated by reference into the proxy statement. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>No Offer or Solicitation </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This communication is for informational purposes only and is not intended to and does not constitute, or form part of, an offer, invitation or the solicitation
of an offer or invitation to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of any securities, or the solicitation of any vote or approval in any jurisdiction, pursuant to the proposed transaction or otherwise, nor shall there
be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Forward-Looking Statements </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This communication contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995.
Forward-looking statements can generally be identified by words such as &#8220;potential,&#8221; &#8220;can,&#8221; &#8220;will,&#8221; &#8220;plan,&#8221; &#8220;may,&#8221; &#8220;could,&#8221; &#8220;would,&#8221; &#8220;expect,&#8221;
&#8220;anticipate,&#8221; &#8220;look forward,&#8221; &#8220;believe,&#8221; &#8220;committed,&#8221; &#8220;investigational,&#8221; &#8220;pipeline,&#8221; &#8220;launch,&#8221; or similar terms, or by express or implied discussions regarding the
proposed acquisition of Avidity and Avidity&#8217;s related <FONT STYLE="white-space:nowrap">spin-off,</FONT> the expected timetable for completing each of the proposed Transactions, the composition of the assets and liabilities to be held by SpinCo
and Avidity following the <FONT STYLE="white-space:nowrap">spin-off,</FONT> the management team for SpinCo and its cash balance, potential marketing approvals, new indications or labeling for Avidity&#8217;s product candidates, Avidity&#8217;s
platform and preclinical assets, or potential future revenues from Avidity&#8217;s product candidates. You should not place undue reliance on these statements. Such forward-looking statements are based on our current beliefs and expectations
regarding future events, and are subject to significant known and unknown risks and uncertainties. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially
from those set forth in the forward-looking statements. There can be no guarantee that Avidity&#8217;s investigational products will be submitted or approved for sale or for any additional indications or labeling in any market, or at any particular
time, or that Avidity&#8217;s approach to the discovery and development of product candidates based on its AOC<SUP STYLE="font-size:75%; vertical-align:top">&#153;</SUP> platform will produce any products of commercial value. There can be no
guarantee that the conditions to the closing of the Transactions will be satisfied on the expected timetable or at all or that the expected benefits or synergies from the Transactions will be achieved in the expected timeframe, or at all. In
particular, expectations regarding Avidity, SpinCo, or the Transactions could be affected by, among other things, the timing of the satisfaction of customary closing conditions, including the receipt of regulatory approvals and the approval of
Avidity&#8217;s stockholders, on acceptable terms or at all; risks and costs related to the implementation of the separation of SpinCo, including the ability to complete the separation in the anticipated timeframe, or at all, and any changes to the
configuration of the businesses included in the separation if implemented; the sale of certain of SpinCo&#8217;s assets pursuant to a third party right of first negotiation; the risk that competing offers or acquisition proposals will be made; the
effects of disruption from the Transactions and the impact of the announcement and pendency of the Transactions on Novartis&#8217; and/or Avidity&#8217;s businesses, including their relationships with employees, business partners or governmental
entities; the risk that the Transactions may be more expensive to complete than anticipated; the risk that stockholder litigation in connection with the Transactions may result in significant costs of defense, indemnification and liability; a
diversion of management&#8217;s attention from ongoing business operations and opportunities as a result of the Transactions or otherwise; the uncertainties inherent in research and development, including clinical trial results and additional
analysis of existing clinical data; regulatory actions or delays or government regulation generally; and the risks and factors referred to in Novartis AG&#8217;s most recent Annual Report on Form <FONT STYLE="white-space:nowrap">20-F</FONT> for the
year ended December&nbsp;31, 2024, Avidity&#8217;s Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended December&nbsp;31, 2024 and Quarterly Reports on Form <FONT STYLE="white-space:nowrap">10-Q</FONT> for the
quarters ended March&nbsp;31, 2025, June&nbsp;30, 2025, and September&nbsp;30, 2025, and any subsequent filings made by either party with the SEC, available on the SEC&#8217;s website at <U>www.sec.gov</U>, Avidity is providing the information in
this communication as of this date and does not undertake any obligation to update any forward-looking statements contained in this communication as a result of new information, future events or otherwise, except to the extent required by law. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.2 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Letter for Distribution to DM1 Community </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">November
20, 2025 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear DM1 Community: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On October&nbsp;26th, 2025,
we announced that Avidity entered into a definitive merger agreement to be acquired by Novartis, under which Novartis will acquire our programs and pipeline in neuroscience and gain access to our differentiated RNA-targeting delivery platform. The
agreement encompasses our three late-stage clinical development programs: del-zota, del-desiran and del-brax. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We know news like this is exciting and can
also bring feelings of uncertainty and questions about what happens next. It&#8217;s important to remember that the announcement is the first step in the process. As we have information available, we will make sure to share it directly with you.
Here&#8217;s the information we have available today: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We will work closely with Novartis to ensure that our registrational studies continue to run
smoothly after the transaction closes and are committed to supporting a seamless transition of these programs. As one of the world&#8217;s leading global healthcare companies, Novartis is well-positioned to continue advancing del-desiran, to
commercialization, and we are confident this transaction will support the global expansion of our neuroscience pipeline. Until the transaction closes, which we expect to occur in the first half of 2026, Avidity will continue to operate as a separate
and independent company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For the Phase 3 Harbor Study, the 54-week readout is expected in the second half of 2026. We believe that a larger safety
database and 54 weeks of efficacy data has the potential to show a treatment effect on multiple endpoints in a slowly progressing disease. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Novartis
shares our commitment to reaching as many individuals living with DM1 as quickly as possible on a global scale. The depth of Novartis&#8217; expertise, resources and its infrastructure will help ensure that del-desiran reaches these individuals
globally most in need as quickly and safely as possible. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sincerely, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Avidity Team </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Additional information and Where to
Find It </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In connection with the spin-off and the merger (the &#8220;Transactions&#8221;), Novartis, Avidity and SpinCo intend to file relevant
documents with the Securities and Exchange Commission (the &#8220;SEC&#8221;), including a preliminary and definitive proxy statement to be filed by Avidity. The definitive proxy statement and proxy card will be delivered to the stockholders of
Avidity in advance of the special meeting relating to the Transactions. This document is not a substitute for the proxy statement or any other document that may be filed by Avidity with the SEC. AVIDITY&#8217;S STOCKHOLDERS ARE URGED TO READ THE
DEFINITIVE PROXY STATEMENT IN ITS ENTIRETY WHEN IT BECOMES AVAILABLE AND ANY OTHER DOCUMENTS FILED BY EACH OF NOVARTIS AND AVIDITY WITH THE SEC IN CONNECTION WITH THE TRANSACTIONS OR INCORPORATED BY REFERENCE THEREIN BECAUSE THEY WILL CONTAIN
IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTIONS AND THE PARTIES TO THE PROPOSED TRANSACTIONS. Investors and security holders will be able to obtain a free copy of the proxy statement and such other documents containing important information
about Novartis and Avidity, once such documents are filed with the SEC, through the website maintained by the SEC at <U>www.sec.gov</U>. Novartis and Avidity make available free of charge at the Novartis website at
<U>www.novartis.com/investors/financial-data/sec-filings</U> and Avidity&#8217;s website at <U>investors.aviditybiosciences.com/sec-filings</U>, respectively, copies of documents they file with, or furnish to, the SEC. The contents of the websites
referenced above will not be deemed to be incorporated by reference into the proxy statement. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Participants in the Solicitation </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This communication does not constitute a solicitation of a proxy. Novartis, Avidity and their respective directors, executive officers and certain employees
may be deemed to be participants in the solicitation of proxies from the stockholders of Avidity in connection with the Transactions. Information regarding the special interests of these directors and executive officers in the Transactions will be
included in the definitive proxy statement referred to above. Security holders may also obtain information regarding the names, affiliations and interests of the Novartis directors and executive officers in the Novartis Annual Report on Form 20-F
for the fiscal year ended December&nbsp;31, 2024, which was filed with the SEC on January&nbsp;31, 2025. Security holders may obtain information regarding the names, affiliations and interests of Avidity&#8217;s directors and executive officers in
Avidity&#8217;s definitive proxy statement on Schedule&nbsp;14A, which was filed with the SEC on April&nbsp;29, 2025. To the extent the holdings of Avidity&#8217;s securities by Avidity&#8217;s directors and executive officers have changed since the
amounts set forth in Avidity&#8217;s definitive proxy statement for its 2025 annual meeting of stockholders, such changes have been reflected in the following Statements of Change in Ownership on Form&nbsp;4 filed with the SEC: by Eric Mosbrooker,
dated October&nbsp;7, 2025, September&nbsp;5, 2025 and August&nbsp;8, 2025; by Steven Hughes, dated October&nbsp;24, 2025, September&nbsp;23, 2025, September&nbsp;17, 2025, August&nbsp;22, 2025, August&nbsp;15, 2025 and August&nbsp;8, 2025; by
Teresa McCarthy, dated October&nbsp;15, 2025, September&nbsp;17, 2025 and August&nbsp;15, 2025; by Michael Flanagan, dated September&nbsp;12, 2025 and June&nbsp;12, 2025; by Troy Wilson, dated September&nbsp;9, 2025, August&nbsp;8, 2025 and
June&nbsp;12, 2025; by Sarah Boyce, dated September&nbsp;5, 2025 and August&nbsp;29, 2025; by Kathleen Gallagher, dated September&nbsp;2, 2025, June&nbsp;18, 2025, June&nbsp;4, 2025 and May&nbsp;2, 2025; by Michael MacLean, dated August&nbsp;15,
2025; by Arthur Levin, dated August&nbsp;8, 2025 and June&nbsp;12, 2025; by John Moriarty, dated August&nbsp;5, 2025; by Noreen Henig, dated June&nbsp;12, 2025; by Carsten Boess, dated June&nbsp;12, 2025; by Edward Kaye, dated June&nbsp;12, 2025; by
Simona Skerjanec, dated June&nbsp;12, 2025; by Tamar Thompson, dated June&nbsp;12, 2025; and by Jean Kim, dated June&nbsp;12, 2025. These documents (when available) may be obtained free of charge from the SEC&#8217;s website at <U>www.sec.gov</U>,
the Novartis website at <U>www.novartis.com/investors/financial-data/sec-filings</U> and Avidity&#8217;s website at <U>investors.aviditybiosciences.com/sec-filings</U>. The contents of the websites referenced above are not deemed to be incorporated
by reference into the proxy statement. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>No Offer or Solicitation </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This communication is for informational purposes only and is not intended to and does not constitute, or form part of, an offer, invitation or the solicitation
of an offer or invitation to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of any securities, or the solicitation of any vote or approval in any jurisdiction, pursuant to the proposed transaction or otherwise, nor shall there
be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Forward-Looking Statements </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This communication contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995.
Forward-looking statements can generally be identified by words such as &#8220;potential,&#8221; &#8220;can,&#8221; &#8220;will,&#8221; &#8220;plan,&#8221; &#8220;may,&#8221; &#8220;could,&#8221; &#8220;would,&#8221; &#8220;expect,&#8221;
&#8220;anticipate,&#8221; &#8220;look forward,&#8221; &#8220;believe,&#8221; &#8220;committed,&#8221; &#8220;investigational,&#8221; &#8220;pipeline,&#8221; &#8220;launch,&#8221; or similar terms, or by express or implied discussions regarding the
proposed acquisition of Avidity and Avidity&#8217;s related spin-off, the expected timetable for completing each of the proposed Transactions, the composition of the assets and liabilities to be held by SpinCo and Avidity following the spin-off, the
management team for SpinCo and its cash balance, potential marketing approvals, new indications or labeling for Avidity&#8217;s product candidates, Avidity&#8217;s platform and preclinical assets, or potential future revenues from Avidity&#8217;s
product candidates. You should not place undue reliance on these statements. Such forward-looking statements are based on our current beliefs and expectations regarding future events, and are subject to significant known and unknown risks and
uncertainties. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those set forth in the forward-looking statements. There can be no guarantee
that Avidity&#8217;s investigational products will be submitted or approved for sale or for any additional indications or labeling in any market, or at any particular time, or that Avidity&#8217;s approach to the discovery and development of product
candidates based on its AOC<SUP STYLE="font-size:75%; vertical-align:top">&#153;</SUP> platform will produce any products of commercial value. There can be no guarantee that the conditions to the closing of the Transactions will be satisfied on the
expected timetable or at all or that the expected benefits or synergies from the Transactions will be achieved in the expected timeframe, or at all. In particular, expectations regarding Avidity, SpinCo, or the Transactions could be affected by,
among other things, the timing of the satisfaction of customary closing conditions, including the receipt of regulatory approvals and the approval of Avidity&#8217;s stockholders, on acceptable terms or at all; risks and costs related to the
implementation of the separation of SpinCo, including the ability to complete the separation in the anticipated timeframe, or at all, and any changes to the configuration of the businesses included in the separation if implemented; the sale of
certain of SpinCo&#8217;s assets pursuant to a third party right of first negotiation; the risk that competing offers or acquisition proposals will be made; the effects of disruption from the Transactions and the impact of the announcement and
pendency of the Transactions on Novartis&#8217; and/or Avidity&#8217;s businesses, including their relationships with employees, business partners or governmental entities; the risk that the Transactions may be more expensive to complete than
anticipated; the risk that stockholder litigation in connection with the Transactions may result in significant costs of defense, indemnification and liability; a diversion of management&#8217;s attention from ongoing business operations and
opportunities as a result of the Transactions or otherwise; the uncertainties inherent in research and development, including clinical trial results and additional analysis of existing clinical data; regulatory actions or delays or government
regulation generally; and the risks and factors referred to in Novartis AG&#8217;s most recent Annual Report on Form&nbsp;20-F for the year ended December&nbsp;31, 2024, Avidity&#8217;s Annual Report on Form&nbsp;10-K for the year ended
December&nbsp;31, 2024 and Quarterly Reports on Form&nbsp;10-Q for the quarters ended March&nbsp;31, 2025, June&nbsp;30, 2025, and September&nbsp;30, 2025, and any subsequent filings made by either party with the SEC, available on the SEC&#8217;s
website at <U>www.sec.gov</U>, Avidity is providing the information in this communication as of this date and does not undertake any obligation to update any forward-looking statements contained in this communication as a result of new information,
future events or otherwise, except to the extent required by law. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.3 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Letter for Distribution to FSHD Community </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">November&nbsp;20, 2025 </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear FSHD Community: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On October 26<SUP STYLE="font-size:75%; vertical-align:top">th</SUP>, 2025, we announced that Avidity entered into a definitive merger agreement to be
acquired by Novartis, under which Novartis will acquire our programs and pipeline in neuroscience and gain access to our differentiated <FONT STYLE="white-space:nowrap">RNA-targeting</FONT> delivery platform. The agreement encompasses our three
late-stage clinical development programs: del-zota, del-desiran and del-brax. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We know news like this is exciting and can also bring feelings of
uncertainty and questions about what happens next. It&#8217;s important to remember that the announcement is the first step in the process. As we have information available, we will make sure to share it directly with you. Here&#8217;s the
information we have available today: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We will work closely with Novartis to ensure that our registrational studies continue to run smoothly after the
transaction closes and are committed to supporting a seamless transition of these programs. As one of the world&#8217;s leading global healthcare companies, Novartis is well-positioned to continue advancing del-zota, to commercialization, and we are
confident this transaction will support the global expansion of our neuroscience pipeline. Until the transaction closes, which we expect to occur in the first half of 2026, Avidity will continue to operate as a separate and independent company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For the FSHD program, topline data from FORTITUDE<SUP STYLE="font-size:75%; vertical-align:top">&#153;</SUP> biomarker cohort is expected in the second
quarter of 2026. As well as alignment with FDA on accelerated and full approval pathways for del-brax, and initiated global, confirmatory Phase 3 study,
<FONT STYLE="white-space:nowrap">FORTITUDE-3</FONT><SUP STYLE="font-size:75%; vertical-align:top">&#153;</SUP>, intended to support global approval strategy for del-brax. The Phase 3 <FONT STYLE="white-space:nowrap">FORTITUDE-3</FONT><SUP
STYLE="font-size:75%; vertical-align:top">&#153;</SUP> readout and global regulatory submissions is expected in 2028. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Novartis shares our commitment to
reaching as many individuals living with FSHD as quickly as possible on a global scale. The depth of Novartis&#8217;s expertise, resources and its infrastructure will help ensure that del-zota reaches these individuals globally most in need as
quickly and safely as possible. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sincerely, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Avidity
Team </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Additional information and Where to Find It </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In connection with the <FONT STYLE="white-space:nowrap">spin-off</FONT> and the merger (the &#8220;Transactions&#8221;), Novartis, Avidity and SpinCo intend to
file relevant documents with the Securities and Exchange Commission (the &#8220;SEC&#8221;), including a preliminary and definitive proxy statement to be filed by Avidity. The definitive proxy statement and proxy card will be delivered to the
stockholders of Avidity in advance of the special meeting relating to the Transactions. This document is not a substitute for the proxy statement or any other document that may be filed by Avidity with the SEC. AVIDITY&#8217;S STOCKHOLDERS ARE URGED
TO&nbsp;READ THE DEFINITIVE PROXY STATEMENT IN ITS ENTIRETY WHEN IT BECOMES AVAILABLE AND ANY OTHER DOCUMENTS FILED BY EACH OF NOVARTIS AND AVIDITY WITH THE SEC IN CONNECTION WITH THE TRANSACTIONS OR INCORPORATED BY REFERENCE THEREIN BECAUSE THEY
WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTIONS AND THE PARTIES TO THE PROPOSED TRANSACTIONS. Investors and security holders will be able to obtain a free copy of the proxy statement and such other documents containing important
information about Novartis and Avidity, once such documents are filed with the SEC, through the website maintained by the SEC at <U>www.sec.gov</U>. Novartis and Avidity make available free of charge at the Novartis website at <U><FONT
STYLE="white-space:nowrap">www.novartis.com/investors/financial-data/sec-filings</FONT></U> and Avidity&#8217;s website at <U><FONT STYLE="white-space:nowrap">investors.aviditybiosciences.com/sec-filings</FONT></U>, respectively, copies of documents
they file with, or furnish to, the SEC. The contents of the websites referenced above will not be deemed to be incorporated by reference into the proxy statement. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Participants in the Solicitation </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This
communication does not constitute a solicitation of a proxy. Novartis, Avidity and their respective directors, executive officers and certain employees may be deemed to be participants in the solicitation of proxies from the stockholders of Avidity
in connection with the Transactions. Information regarding the special interests of these directors and executive officers in the Transactions will be included in the definitive proxy statement referred to above. Security holders may also obtain
information regarding the names, affiliations and interests of the Novartis directors and executive officers in the Novartis Annual Report on Form <FONT STYLE="white-space:nowrap">20-F</FONT> for the fiscal year ended December&nbsp;31, 2024, which
was filed with the SEC on January&nbsp;31, 2025. Security holders may obtain information regarding the names, affiliations and interests of Avidity&#8217;s directors and executive officers in Avidity&#8217;s definitive proxy statement on Schedule
14A, which was filed with the SEC on April&nbsp;29, 2025. To the extent the holdings of Avidity&#8217;s securities by Avidity&#8217;s directors and executive officers have changed since the amounts set forth in Avidity&#8217;s definitive proxy
statement for its 2025 annual meeting of stockholders, such changes have been reflected in the following Statements of Change in Ownership on Form 4 filed with the SEC: by Eric Mosbrooker, dated October&nbsp;7, 2025, September&nbsp;5, 2025 and
August&nbsp;8, 2025; by Steven Hughes, dated October&nbsp;24, 2025, September&nbsp;23, 2025, September&nbsp;17, 2025, August&nbsp;22, 2025, August&nbsp;15, 2025 and August&nbsp;8, 2025; by Teresa McCarthy, dated October&nbsp;15, 2025,
September&nbsp;17, 2025 and August&nbsp;15, 2025; by Michael Flanagan, dated September&nbsp;12, 2025 and June&nbsp;12, 2025; by Troy Wilson, dated September&nbsp;9, 2025, August&nbsp;8, 2025 and June&nbsp;12, 2025; by Sarah Boyce, dated
September&nbsp;5, 2025 and August&nbsp;29, 2025; by Kathleen Gallagher, dated September&nbsp;2, 2025, June&nbsp;18, 2025, June&nbsp;4, 2025 and May&nbsp;2, 2025; by Michael MacLean, dated August&nbsp;15, 2025; by Arthur Levin, dated August&nbsp;8,
2025 and June&nbsp;12, 2025; by John Moriarty, dated August&nbsp;5, 2025; by Noreen Henig, dated June&nbsp;12, 2025; by Carsten Boess, dated June&nbsp;12, 2025; by Edward Kaye, dated June&nbsp;12, 2025; by Simona Skerjanec, dated June&nbsp;12, 2025;
by Tamar Thompson, dated June&nbsp;12, 2025; and by Jean Kim, dated June&nbsp;12, 2025. These documents (when available) may be obtained free of charge from the SEC&#8217;s website at </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
<U>www.sec.gov</U>, the Novartis website at <U><FONT STYLE="white-space:nowrap">www.novartis.com/investors/financial-data/sec-filings</FONT></U> and Avidity&#8217;s website at <U><FONT
STYLE="white-space:nowrap">investors.aviditybiosciences.com/sec-filings</FONT></U>. The contents of the websites referenced above are not deemed to be incorporated by reference into the proxy statement. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>No Offer or Solicitation </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This communication is
for informational purposes only and is not intended to and does not constitute, or form part of, an offer, invitation or the solicitation of an offer or invitation to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of any
securities, or the solicitation of any vote or approval in any jurisdiction, pursuant to the proposed transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Forward-Looking Statements </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This
communication contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements can generally be identified by words such as &#8220;potential,&#8221;
&#8220;can,&#8221; &#8220;will,&#8221; &#8220;plan,&#8221; &#8220;may,&#8221; &#8220;could,&#8221; &#8220;would,&#8221; &#8220;expect,&#8221; &#8220;anticipate,&#8221; &#8220;look forward,&#8221; &#8220;believe,&#8221; &#8220;committed,&#8221;
&#8220;investigational,&#8221; &#8220;pipeline,&#8221; &#8220;launch,&#8221; or similar terms, or by express or implied discussions regarding the proposed acquisition of Avidity and Avidity&#8217;s related
<FONT STYLE="white-space:nowrap">spin-off,</FONT> the expected timetable for completing each of the proposed Transactions, the composition of the assets and liabilities to be held by SpinCo and Avidity following the
<FONT STYLE="white-space:nowrap">spin-off,</FONT> the management team for SpinCo and its cash balance, potential marketing approvals, new indications or labeling for Avidity&#8217;s product candidates, Avidity&#8217;s platform and preclinical
assets, or potential future revenues from Avidity&#8217;s product candidates. You should not place undue reliance on these statements. Such forward-looking statements are based on our current beliefs and expectations regarding future events, and are
subject to significant known and unknown risks and uncertainties. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those set forth in the
forward-looking statements. There can be no guarantee that Avidity&#8217;s investigational products will be submitted or approved for sale or for any additional indications or labeling in any market, or at any particular time, or that
Avidity&#8217;s approach to the discovery and development of product candidates based on its AOC<SUP STYLE="font-size:75%; vertical-align:top">&#153;</SUP> platform will produce any products of commercial value. There can be no guarantee that the
conditions to the closing of the Transactions will be satisfied on the expected timetable or at all or that the expected benefits or synergies from the Transactions will be achieved in the expected timeframe, or at all. In particular, expectations
regarding Avidity, SpinCo, or the Transactions could be affected by, among other things, the timing of the satisfaction of customary closing conditions, including the receipt of regulatory approvals and the approval of Avidity&#8217;s stockholders,
on acceptable terms or at all; risks and costs related to the implementation of the separation of SpinCo, including the ability to complete the separation in the anticipated timeframe, or at all, and any changes to the configuration of the
businesses included in the separation if implemented; the sale of certain of SpinCo&#8217;s assets pursuant to a third party right of first negotiation; the risk that competing offers or acquisition proposals will be made; the effects of disruption
from the Transactions and the impact of the announcement and pendency of the Transactions on Novartis&#8217; and/or Avidity&#8217;s businesses, including their relationships with employees, business partners or governmental entities; the risk that
the Transactions may be more&nbsp;expensive to complete than anticipated; the risk that stockholder litigation in connection with the </P>
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Transactions may result in significant costs of defense, indemnification and liability; a diversion of management&#8217;s attention from ongoing business operations and opportunities as a result
of the Transactions or otherwise; the uncertainties inherent in research and development, including clinical trial results and additional analysis of existing clinical data; regulatory actions or delays or government regulation generally; and the
risks and factors referred to in Novartis AG&#8217;s most recent Annual Report on Form <FONT STYLE="white-space:nowrap">20-F</FONT> for the year ended December&nbsp;31, 2024, Avidity&#8217;s Annual Report on Form
<FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended December&nbsp;31, 2024 and Quarterly Reports on Form <FONT STYLE="white-space:nowrap">10-Q</FONT> for the quarters ended March&nbsp;31, 2025, June&nbsp;30, 2025, and September&nbsp;30,
2025, and any subsequent filings made by either party with the SEC, available on the SEC&#8217;s website at <U>www.sec.gov</U>, Avidity is providing the information in this communication as of this date and does not undertake any obligation to
update any forward-looking statements contained in this communication as a result of new information, future events or otherwise, except to the extent required by law. </P>
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