Tectonic Therapeutic Announces Merger With AVROBIO, $130.7 Million Private Financing Commitments
Boston – January 30, 2024 – Cooley advised Tectonic Therapeutic, a privately held biotechnology company developing G-protein coupled receptor-targeted therapeutic proteins, on its definitive merger agreement to combine in an all-stock transaction with AVROBIO, a gene therapy company with a purpose to free people from a lifetime of genetic disease. Partners Miguel Vega, Marc Recht, Courtney Thorne and Michael Rohr led the Cooley team advising Tectonic.
Under the terms of the agreement, AVROBIO will acquire 100% of the outstanding equity interests of Tectonic. Upon completion of the merger, the combined company is expected to operate under the name Tectonic Therapeutic and trade on Nasdaq under the ticker symbol TECX. Tectonic has obtained $130.7 million in private financing commitments with a syndicate of new and existing leading life sciences investors in connection with the merger. The combined company is expected to have approximately $165 million in cash and cash equivalents at closing – inclusive of the proceeds to be received in the private placement. The private placement is expected to close in conjunction with the merger in the second quarter of 2024.
Cooley has represented Tectonic since its formation, with the company most recently raising an $80 million Series A financing in April 2021.
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