Avrobio plummets after merger with Tectonic Therapeutic

Tectonic Therapeutic

30/01/2024 16:36

** Shares of gene-therapy developer Avrobio  AVRO.O  fall
20.1% to $1.09, lowest since July
    ** Co says it will buy 100% of outstanding equity interests
in Tectonic Therapeutic 
    ** The combined company is expected to have about $165 mln
of cash and cash equivalents at closing 
    ** AVRO says Tectonic has raised $130.7 million in private
financing commitments from life science investors
    ** Up to last close, stock up 24.4% in last 12 months 

    

 (Reporting by Christy Santhosh)
 ((Christy.Santhosh@thomsonreuters.com))