Tectonic Therapeutic, Inc. (TECX): M&A transaction — AVROBIO completes $87.5M sale of cystinosis gene therapy program to Novartis; cash runway extended to Q4 2024

Tectonic Therapeutic, Inc.

Sale closed June 9, 2023 for $87.5M cash; proceeds expected to extend cash runway into Q4 2024.
AVROBIO retains full rights to HSC gene therapy programs for Gaucher, Hunter, and Pompe diseases.
Term Loan Facility with Silicon Valley Bank repaid in full and terminated upon closing.
Interim CEO Ostrowski gets base salary increase to $535K, 55% bonus target, and 70,000 RSUs; retention bonuses approved for Ostrowski and CTO Golipour.
Unaudited pro forma shows net loss improved to $23.7M for Q1 2023 and $16.8M for FY2022 including gain on asset sale.

item 1.02 item 2.01 item 5.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Tectonic Therapeutic, Inc. completed a disposition involving Novartis Pharma AG and Novartis Pharmaceuticals Corporation for $87.5 million (closed 2023-06-09).

Action: disposition
Counterparty: Novartis Pharma AG and Novartis Pharmaceuticals Corporation
Consideration: $87.5 million
Closing: 2023-06-09

Exact text from the filing

Hunter syndrome and Fabry disease, or indemnification claims under the Asset Purchase Agreement. The aggregate consideration to the Company consists of a cash payment of $87.5 million upon closing of the transaction on June 9, 2023 (the “Closing Date”). The Asset Purchase Agreement contains certain customary representations, warranties and covenants. The Asset

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Source: SEC EDGAR

accession 0001140361-23-029221

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