---
schema_version: "secwatch.filing_event.v1"
accession: "0001140361-23-025867"
form_type: "8-K"
ticker: "TECX"
cik: "0001681087"
company_name: "Tectonic Therapeutic, Inc."
filed_at: "2023-05-22T23:59:59+00:00"
generated_at: "2026-06-14T18:18:02.550800+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# AVROBIO sells cystinosis gene therapy program to Novartis for $87.5M cash

## Summary
- 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.

## SEC filing metadata
- accession: 0001140361-23-025867
- form_type: 8-K
- ticker: TECX
- cik: 0001681087
- company_name: Tectonic Therapeutic, Inc.
- filed_at: 2023-05-22T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 2.05, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1681087/000114036123025867/0001140361-23-025867-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1681087/000114036123025867/ny20009215x1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001140361-23-025867
- JSON: https://secwatch.observer/filing/0001140361-23-025867.json
- Plain text: https://secwatch.observer/filing/0001140361-23-025867.txt

## Key facts
- Material Agreements
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1681087/000114036123025867/0001140361-23-025867-index.htm
- Restructurings & Charges
  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)
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1681087/000114036123025867/0001140361-23-025867-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.