Solid Biosciences acquires AavantiBio in stock deal, raises $75M PIPE, appoints new CEO

Solid Biosciences Inc.

Acquires AavantiBio for 15% of SLDB common stock plus $1,000; AavantiBio lead program in Friedreich's Ataxia gene therapy.
Concurrent $75M PIPE at $0.47/share; PIPE shares equal ~159.6M shares, closing after merger.
Current CEO Ilan Ganot resigns effective closing; Alexander (Bo) Cumbo (AavantiBio CEO) to become new CEO; Adam Koppel joins board.
Support agreements: 79% of AavantiBio and 29.8% of SLDB stockholders commit to vote in favor.
Closing conditions include Nasdaq listing approval and stockholder approvals; termination fee $310k.

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Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Departed

Erin Powers Brennan

Chief Legal Officer and Secretary

SLDB · Solid Biosciences Inc.

Filed: September 30, 2022, 7:59 PM ET

On September 29, 2022, Erin Powers Brennan also notified the Company of her intention to resign as the Company’s Chief Legal Officer and Secretary, subject to, and contingent and effective upon, the Effective Date.

Appointed

Alexander Cumbo

President and Chief Executive Officer

SLDB · Solid Biosciences Inc.

Filed: September 30, 2022, 7:59 PM ET

On September 29, 2022, the Company entered into an employment agreement with Alexander Cumbo (the “Cumbo Employment Agreement”), pursuant to which Mr. Cumbo will serve as the Company’s President and Chief Executive Officer, subject to his appointment to such position by the Board and subject to, and contingent and effective upon, the Effective Date.

Departed

Ilan Ganot

Chief Executive Officer and President

SLDB · Solid Biosciences Inc.

Successor: Alexander Cumbo
Filed: September 30, 2022, 7:59 PM ET

On September 29, 2022, Ilan Ganot notified the Company of his intention to resign as the Company’s Chief Executive Officer and President, subject to, and contingent and effective upon, the closing of the Merger (such date, the “Effective Date”).

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Erin Powers Brennan resigned as Chief Legal Officer and Secretary at Solid Biosciences Inc..

Action: resigned
Role: Chief Legal Officer and Secretary

Exact text from the filing

On September 29, 2022, Erin Powers Brennan also notified the Company of her intention to resign as the Company’s Chief Legal Officer and Secretary, subject to, and contingent and effective upon, the Effective Date.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Alexander Cumbo was appointed as President and Chief Executive Officer at Solid Biosciences Inc..

Action: appointed
Role: President and Chief Executive Officer

Exact text from the filing

On September 29, 2022, the Company entered into an employment agreement with Alexander Cumbo (the “Cumbo Employment Agreement”), pursuant to which Mr. Cumbo will serve as the Company’s President and Chief Executive Officer, subject to his appointment to such position by the Board and subject to, and contingent and effective upon, the Effective Date.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Ilan Ganot resigned as Chief Executive Officer and President at Solid Biosciences Inc..

Action: resigned
Role: Chief Executive Officer and President

Exact text from the filing

On September 29, 2022, Ilan Ganot notified the Company of his intention to resign as the Company’s Chief Executive Officer and President, subject to, and contingent and effective upon, the closing of the Merger (such date, the “Effective Date”).

View on SEC.gov

Solid Biosciences Inc. filing history →

Source: SEC EDGAR

accession 0001193125-22-254807

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