AVIDITY BIOSCIENCES Business Summary

Avidity Biosciences Inc. operates as a clinical-stage biopharmaceutical leader specializing in Antibody Oligonucleotide Conjugates (AOCs), a proprietary platform designed to deliver RNA therapeutics to previously untreatable tissue types, primarily skeletal muscle. The company generates revenue through high-value strategic research collaborations and licensing agreements with industry giants such as Bristol Myers Squibb and Eli Lilly, while transitioning toward a commercial-stage model following the 2026 acquisition by Novartis for $12 billion. Its primary business segments are organized around its lead clinical programs: delpacibart etedesiran (DM1), delpacibart zotadirsen (DMD44), and delpacibart braxlosiran (FSHD). Within the competitive landscape, Avidity maintains a first-mover advantage in the AOC space, positioning itself ahead of direct rivals like Dyne Therapeutics, Sarepta Therapeutics, and PepGen by successfully demonstrating targeted RNA delivery beyond the liver, a historical bottleneck for the industry. The leadership team is helmed by President and CEO Sarah Boyce, whose pedigree includes executive roles at Akcea Therapeutics, Ionis Pharmaceuticals, and Novartis Oncology, where she led the commercialization of several rare disease blockbusters. The technical and scientific direction is managed by Chief Technical Officer Charles (Chuck) Calderaro III, who joined in early 2025 to scale global manufacturing, and Chief Scientific Officer Arthur A. Levin, PhD, a pioneer in the RNA field with over three decades of experience including a foundational tenure at Ionis. The company was co-founded by Dr. Troy Wilson, who serves as Chairman of the Board, and Kent Hawryluk. Following its acquisition, Avidity operates as a key subsidiary within the Novartis portfolio, having previously secured significant backing from institutional investors including RTW Investments, Takeda Ventures, and Fidelity Management & Research Company.