Avrobio rises on plans to explore strategic alternatives, job cuts

Tectonic Therapeutic

12/07/2023 12:49

** Shares of gene therapy developer AVROBIO Inc  AVRO.O  up
30.1% at $1.27 before the bell
    ** Co says it will explore potential strategic alternatives
that may include, but are not limited to, an acquisition,
merger, business combination, or other transaction
    ** AVRO, however, adds there can be no assurance that
exploration will result in pursuing transaction or any
transaction, if pursued, will be completed on attractive terms
    ** AVRO also approves reduction in its workforce by about
50% across different areas; estimates that severance and
termination-related costs will total about $2.8 mln
    ** Workforce reduction is expected to be substantially
completed by end of July 2023 
    ** AVRO shares up 37.42% YTD


 (Reporting by Rupali Chaudhary in Bengaluru)
 ((Rupali.chaudhary@thomsonreuters.com))