AVROBIO to merge with Tectonic in all-stock deal; $130.7M private financing; combined company targets GPCRs

Tectonic Therapeutic, Inc.

Pre-merger AVRO holders expected to own ~22.3%; Tectonic holders ~40.2%; financing investors ~37.5% of combined firm.
Concurrent $130.7M private placement from new and existing life sciences investors; combined cash ~$165M at close, runway into mid-2027.
Combined company to advance Tectonic's lead asset TX45 (Fc-relaxin fusion protein) through clinical catalysts.
AVRO stockholders to receive CVRs for contingent payments from future monetization of AVRO's legacy gene therapy assets.
Support agreements from ~88% of Tectonic voting power and ~10.8% of AVRO shares; 180-day lock-up for insiders.

item 1.01 item 5.01 item 5.02 item 7.01 item 9.01

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 Agreement and Plan of Merger and Reorganization with AVROBIO, Inc. and Alpine Merger Subsidiary, Inc. (effective 2024-01-30).

Action: entry
Agreement: merger
Counterparty: AVROBIO, Inc. and Alpine Merger Subsidiary, Inc.
Effective: 2024-01-30

Exact text from the filing

On January 30, 2024, AVROBIO, Inc., a Delaware corporation (“AVRO”), Alpine Merger Subsidiary, Inc., a Delaware corporation and a wholly owned subsidiary of AVRO (“Merger Sub”), and Tectonic Therapeutic, Inc., a Delaware corporation (“Tectonic”), entered into an Agreement and Plan of Merger and Reorganization (the “Merger Agreement”)

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Tectonic Therapeutic, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-24-018812

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