Avrobio jumps on sale of gene therapy rights to Novartis

Tectonic Therapeutic

22/05/2023 13:46

(Updates)
    ** Gene therapy developer Avrobio Inc's  AVRO.O  shares more
than double to $1.61 premarket
    ** Company says will sell rights for its investigational
gene therapy as a treatment for cystinosis to Novartis  NOVN.S 
for $87.5 million in cash 
    ** Cystinosis is a rare genetic condition that causes an
amino acid called cystine to accumulate in cells
    ** AVRO retains rights to its gene therapy for treatment of 
genetic disorders Gaucher disease and Pompe disease, as well as
neurological condition Hunter Syndrome 
    ** Deal proceeds expected to extend AVRO's cash runway into
Q4 2024, Avrobio says
    ** As of last close, AVRO shares up ~9% so far this year

 (Reporting by Bhanvi Satija in Bengaluru)
 ((Bhanvi.Satija@thomsonreuters.com; Outside U.S. +91
9873062788))