Tectonic Therapeutic, Inc. (TECX): restructuring charge — AVROBIO sells cystinosis gene therapy program to Novartis for $87.5M cash

Tectonic Therapeutic, Inc.

Sale of AVR-RD-04 to Novartis for $87.5M cash at closing; proceeds to extend cash runway into Q4 2024.
AVROBIO retains full rights to Gaucher, Hunter, Pompe programs.
Company expects to use ~$16.4M of proceeds to pay off Term Loan Facility with Silicon Valley Bank.
Transaction expected to close by end of Q3 2023, subject to customary conditions.
TD Cowen and Wells Fargo acted as financial advisors.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Tectonic Therapeutic, Inc. entered into Asset Purchase Agreement with Novartis Pharma AG and Novartis Pharmaceuticals Corporation valued at $87.5 million (effective 2023-05-19).

Action: entry
Agreement: asset purchase
Counterparty: Novartis Pharma AG and Novartis Pharmaceuticals Corporation
Value: $87.5 million
Effective: 2023-05-19

Exact text from the filing

On May 19, 2023, AVROBIO, Inc., a Delaware corporation (the “ Company ”), entered into an Asset Purchase Agreement (the “ Asset Purchase Agreement ”) with Novartis Pharma AG and Novartis Pharmaceuticals Corporation (collectively, the “ Purchaser ”), providing for the sale of the Company’s cystinosis gene therapy program

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Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

Tectonic Therapeutic, Inc. announced a restructuring affecting cystinosis gene therapy program (designated AVR-RD-04).

Type: restructuring
Affected area: cystinosis gene therapy program (designated AVR-RD-04)

Exact text from the filing

The Company is currently unable to make a determination of the estimated amount or range of amounts of the charge that will result in future cash expenditures in connection with the Asset Sale

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Tectonic Therapeutic, Inc. filing history →

Source: SEC EDGAR

accession 0001140361-23-025867

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