Avrobio to Merge With Tectonic Therapeutic in All-Stock Deal

Dow Jones01-30

By Will Feuer

Avrobio said it has agreed to merge with Tectonic Therapeutic in an all-stock deal that will see Tectonic take Avrobio's place on the public markets.

Tectonic is a privately-held biotechnology company developing GPCR, or G-protein coupled receptor-targeted therapeutic proteins. Once the deal is closed, the combined company will operate under the name Tectonic Therapeutic and trade on the Nasdaq under the ticker TECX.

Tectonic also separately has raised a $130.7 million private placement with a syndicate of new and existing investors, including TAS Partners, 5AM Ventures, EcoR1 Capital, Polaris Partners and others.

Once the deal closes, pre-merger Avrobio shareholders will own about 22.3% of the company while Tectonic shareholders will own about 40.2%.

Write to Will Feuer at Will.Feuer@wsj.com

(END) Dow Jones Newswires

January 30, 2024 08:15 ET (13:15 GMT)

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