Brief: AVROBIO And Tectonic Therapeutic Announce Merger

Tectonic Therapeutic

30/01/2024 13:13

Jan 30 (Reuters) - AVROBIO Inc  AVRO.O :
    * AVROBIO AND TECTONIC THERAPEUTIC ANNOUNCE MERGER
    * AVROBIO INC - COMBINED COMPANY TO BE NASDAQ-LISTED
    * AVROBIO INC - COMBINED COMPANY EXPECTED TO HAVE
APPROXIMATELY
$165 MILLION IN CASH AND CASH EQUIVALENTS AT CLOSE TO PROVIDE
CASH RUNWAY INTO MID-2027
    * AVROBIO INC - FUNDING IS EXPECTED TO ADVANCE LEAD ASSET
TX45
    * AVROBIO INC - $130.7 MILLION IN PRIVATE FINANCING
COMMITMENTS
WITH NEW AND EXISTING LEADING LIFE SCIENCES INVESTORS IN
CONNECTION WITH MERGER
    * AVROBIO INC - AVROBIO WILL ACQUIRE 100% OF OUTSTANDING
EQUITY
INTERESTS OF TECTONIC
    * AVROBIO INC - COMBINED COMPANY IS EXPECTED TO OPERATE
UNDER NAME
TECTONIC THERAPEUTIC, INC. AND TRADE ON NASDAQ UNDER TICKER
SYMBOL "TECX."
    * AVROBIO INC: MERGER HAS BEEN APPROVED BY BOARD OF
DIRECTORS OF
BOTH COMPANIES AND IS EXPECTED TO CLOSE IN Q2 OF 2024
    * AVROBIO INC: FOLLOWING CLOSING OF MERGER, COMBINED COMPANY
WILL
BE LED BY DR. REICIN AND OTHER MEMBERS OF TECTONIC MANAGEMENT
TEAM
    * AVROBIO INC - UPON COMPLETION OF MERGER, PRE-MERGER
AVROBIO
SHAREHOLDERS ARE EXPECTED TO OWN APPROXIMATELY 22.3% OF COMBINED
COMPANY
    * AVROBIO INC:  FOLLOWING CLOSING OF MERGER AVROBIO WILL BE
RENAMED TECTONIC THERAPEUTIC, INC.
    * AVROBIO INC - UPON COMPLETION OF MERGER PRE-MERGER
TECTONIC
SHAREHOLDERS ARE EXPECTED TO OWN APPROXIMATELY 40.2% OF COMBINED
COMPANY
    * AVROBIO INC: MERGER AGREEMENT PROVIDES THAT POST-MERGER,
ONE
BOARD MEMBER FROM AVROBIO WILL JOIN BOARD OF DIRECTORS OF
COMBINED COMPANY.
    * AVROBIO INC - MERGER AGREEMENT PROVIDES THAT POST-MERGER,
ONE
BOARD MEMBER FROM AVROBIO WILL JOIN BOARD OF DIRECTORS OF
COMBINED COMPANY

Source text for Eikon:  ID:nBw1GCwqRa 
Further company coverage:  AVRO.O 

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