Avrobio to buy 100% equity interests of Tectonic Therapeutic

seekingalpha01-30

AVROBIO (NASDAQ:AVRO) to acquire 100% of the outstanding equity interests of privately-held biotechnology company Tectonic Therapeutic, which is developing GPCR (G-protein coupled receptor)-targeted ...

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Upon completion of the merger, the combined company is expected to operate under the name Tectonic Therapeutic, Inc. and trade on Nasdaq under the ticker symbol “TECX.”  In connection with the deal, Tectonic has raised or entered into agreements for a $130.7 million private placement with a syndicate of new and existing leading life sciences investors, which is expected to close in conjunction with the deal in the second quarter of 2024. Upon completion of the deal, pre-merger AVROBIO shareholders are expected to own approximately 22.3% of the combined company and pre-merger Tectonic shareholders are expected to own approximately 40.2% of the combined company. The combined company is expected to have approximately $165 million of cash and cash equivalents at closing. 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Upon completion of the deal, pre-merger AVROBIO shareholders are expected to own approximately 22.3% of the combined company and pre-merger Tectonic shareholders are expected to own approximately 40.2% of the combined company. The combined company is expected to have approximately $165 million of cash and cash equivalents at closing. These proceeds will be used to advance Tectonic’s pipeline through multiple clinical data catalysts and are expected to fund the combined company’s operations into mid-2027. 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