<SEC-DOCUMENT>0001104659-25-102803.txt : 20251028
<SEC-HEADER>0001104659-25-102803.hdr.sgml : 20251028
<ACCEPTANCE-DATETIME>20251028070051
ACCESSION NUMBER:		0001104659-25-102803
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20251028
DATE AS OF CHANGE:		20251028

SUBJECT COMPANY:	

	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:		DFAN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-39321
		FILM NUMBER:		251421243

	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

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NOVARTIS AG
		CENTRAL INDEX KEY:			0001114448
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		ORGANIZATION NAME:           	03 Life Sciences
		EIN:				000000000
		STATE OF INCORPORATION:			V8
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A

	BUSINESS ADDRESS:	
		STREET 1:		LICHTSTRASSE 35
		CITY:			BASEL
		STATE:			V8
		ZIP:			CH 4056
		BUSINESS PHONE:		01141613241111

	MAIL ADDRESS:	
		STREET 1:		LICHTSTRASSE 35
		CITY:			BASEL
		STATE:			V8
		ZIP:			CH 4056
</SEC-HEADER>
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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

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THE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES EXCHANGE ACT OF 1934</B></P>

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    <TD STYLE="width: 97%; font-size: 10pt">Preliminary Proxy Statement</TD></TR>
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    <TD STYLE="width: 97%; font-size: 10pt">Confidential, for Use of the Commission Only (as permitted by Rule14a-6(e)(2))</TD></TR>
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    <TD STYLE="width: 3%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></TD>
    <TD STYLE="width: 97%; font-size: 10pt">Definitive Proxy Statement</TD></TR>
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    <TD STYLE="width: 3%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></TD>
    <TD STYLE="width: 97%; font-size: 10pt">Definitive Additional Materials</TD></TR>
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    <TD STYLE="width: 97%; font-size: 10pt">Soliciting Material Pursuant to Rule 14a-12</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>








<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AVIDITY BIOSCIENCES, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Name of Registrant as Specified in its Charter)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOVARTIS AG</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;(Name of Person(s) Filing Proxy Statement,
if other than the Registrant)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Payment of Filing Fee (Check all boxes that apply):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <TD STYLE="width: 3%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></TD>
    <TD STYLE="width: 97%; font-size: 10pt">No fee required</TD></TR>
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    <TD STYLE="width: 3%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></TD>
    <TD STYLE="width: 97%; font-size: 10pt">Fee paid previously with preliminary materials</TD></TR>
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    <TD STYLE="width: 3%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></TD>
    <TD STYLE="width: 97%; font-size: 10pt">Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Filed by Novartis AG</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Pursuant to Rule 14a-12 under the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Securities Exchange Act of 1934, as amended</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Subject Company: Avidity Biosciences, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Commission File No.: 001-39321</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The following is an email message sent to employees of Avidity
Biosciences, Inc. (&ldquo;Avidity&rdquo;) on October 27, 2025 related to the potential acquisition of Avidity by Novartis AG.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><IMG SRC="tm2529507d4_dfan14aimg001.jpg" ALT="" STYLE="height: 35px; width: 370px">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Welcome letter from Vas Narasimhan, CEO of Novartis
to Avidity Biosciences employees: Exciting times in RNA therapeutics</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Avidity Biosciences Colleagues,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Yesterday marked an exciting step forward in our shared mission to
reimagine medicine. On behalf of all of us at Novartis,&nbsp;I want to reiterate our excitement about our agreement and the opportunity
to partner with you in this important work. Since the beginning, it&rsquo;s been clear that Avidity is driven by the same bold ambition
that inspires us: to bring transformative science to patients who need it most.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Your pioneering work in RNA therapeutics and the AOC platform reflects
deep scientific excellence and an unwavering commitment to patients, qualities that resonate deeply with our purpose at Novartis to reimagine
medicine. Together, we have the potential to accelerate innovation for people living with devastating genetic neuromuscular diseases&mdash;delivering
treatments that target the root causes for these conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Your late-stage programs in DM1, FSHD, and DMD are remarkable achievements.
We are committed to advancing these potential first-in-disease therapies by leveraging our global development and commercialization capabilities,
so that patients with limited options today can have hope for tomorrow.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I would like to extend my gratitude to the Avidity leadership team
and everyone who helped make this milestone possible. Over the coming months and until closing, Novartis and Avidity will continue to
operate as separate and independent companies, and we will keep you informed as plans evolve.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Once the transaction closes, we look forward to learning from you,
supporting you, and joining forces to advance near-term launches that will bring life-changing medicines to patients around the globe.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Best regards,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Vas</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Additional information and Where to Find
It</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">In connection with the spin-off or sale of
SpinCo and the merger (the &ldquo;Transactions&rdquo;), Novartis, Avidity and SpinCo intend to file relevant documents with the Securities
and Exchange Commission (the &ldquo;SEC&rdquo;), 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&rsquo;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 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&nbsp;<U>www.sec.gov</U>. Novartis and Avidity
make available free of charge at the Novartis website at&nbsp;<U>www.novartis.com/investors/financial-data/sec-filings</U>&nbsp;and Avidity&rsquo;s
website at <FONT STYLE="background-color: white"><U>investors.aviditybiosciences.com/sec-filings</U></FONT>, respectively, copies of
documents they file with, or furnish to, the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Participants in the Solicitation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">This letter 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&nbsp;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&rsquo;s
directors and executive officers in Avidity&rsquo;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&rsquo;s securities by Avidity&rsquo;s directors and executive officers have changed since
the amounts set forth in Avidity&rsquo;s definitive proxy statement for its 2025 annual meeting of stockholders, such changes have been
or will be reflected on Initial Statements of Beneficial Ownership on Form&nbsp;3 or Statements of Change in Ownership on Form&nbsp;4
filed with the SEC. These documents (when available) may be obtained free of charge from the SEC&rsquo;s website at&nbsp;<U>www.sec.gov</U>,&nbsp;the
Novartis website at&nbsp;<U>https://www.novartis.com</U>&nbsp;and Avidity&rsquo;s website at&nbsp;<U>https://aviditybiosciences.com</U>.
The contents of the websites referenced above are not deemed to be incorporated by reference into the proxy statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>No Offer or Solicitation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">This letter 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Cautionary Statement Regarding Forward-Looking
Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">This letter contains statements that are
&ldquo;forward-looking statements&rdquo; 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 &ldquo;potential,&rdquo; &ldquo;can,&rdquo; &ldquo;will,&rdquo; &ldquo;plan,&rdquo;
&ldquo;may,&rdquo; &ldquo;could,&rdquo; &ldquo;would,&rdquo; &ldquo;expect,&rdquo; &ldquo;anticipate,&rdquo; &ldquo;look forward,&rdquo;
&ldquo;believe,&rdquo; &ldquo;committed,&rdquo; &ldquo;investigational,&rdquo; &ldquo;pipeline,&rdquo; &ldquo;launch,&rdquo; or similar
terms, or by express or implied discussions regarding the proposed acquisition of Avidity and Avidity&rsquo;s related spin-off or sale
of SpinCo, 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 or sale, the SpinCo&rsquo;s cash balance, potential marketing approvals, new indications
or labeling for Avidity&rsquo;s product candidates, Avidity&rsquo;s platform and preclinical assets, or potential future revenues from
Avidity&rsquo;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&rsquo;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&rsquo;s approach to the discovery and development of product candidates based on its AOC&trade; 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&rsquo;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&rsquo;s assets pursuant to a third party right of first negotiation;
the risk that competing offers or acquisition proposals will be made;&nbsp;the effects of disruption from the Transactions and the impact
of the announcement and pendency of the Transactions on Novartis and/or Avidity&rsquo;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&rsquo;s attention from ongoing business operations and opportunities as a result of the Transactions
or otherwise;&nbsp;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;&nbsp;and the risks and factors referred to in
Novartis AG&rsquo;s most recent Annual Report on Form&nbsp;20-F for the year ended December&nbsp;31, 2024, Avidity&rsquo;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 and June&nbsp;30, 2025, and any subsequent filings made by either party with the SEC, available on the SEC&rsquo;s website at&nbsp;<U>www.sec.gov</U>.
Novartis is providing the information in this letter as of this date and does not undertake any obligation to update any forward-looking
statements contained in this letter as a result of new information, future events or otherwise, except to the extent required by law.</P>

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