Biotech Values

[DewDiligence]

AAVL acquires (private) Annapurna Therapeutics in all-stock deal:

http://finance.yahoo.com/news/avalanche-biotechnologies-annapurna-therapeutics-announce-120100653.html

Avalanche Biotechnologies, Inc. and Annapurna Therapeutics SAS, a privately held biopharmaceutical company, today announced that they have entered into a definitive agreement providing for the acquisition of all outstanding shares of Annapurna by Avalanche in exchange for approximately 17.6 million newly issued shares of Avalanche common stock. Upon completion of the proposed acquisition, existing Avalanche shareholders will own 62.5% of the combined company and Annapurna shareholders will own 37.5% of the combined company (calculated on a treasury method basis). The combined company’s common stock will continue to trade on NASDAQ Global Market under the symbol “AAVL.”

Upon completion of the proposed acquisition, the combined company’s pipeline will consist of Avalanche’s existing ophthalmic programs and four new gene therapy based programs, which are focused on Alpha1-antitrypsin (A1AT) deficiency, cardiomyopathy associated with Friedreich’s ataxia, hereditary angioedema and severe allergies. The combined company will be headquartered in Menlo Park, California. Avalanche had approximately $258 million in cash as of December 31, 2015, which is expected to be sufficient to fund the combined company’s programs for at least the next 36 months.