Biotech Values

[DewDiligence]

AVRO reverse-merges with—(private)—Tectonic Therapeutic:

https://www.businesswire.com/news/home/20240130047688/en

Upon completion of the Merger, pre-Merger AVROBIO shareholders are expected to own approximately 22.3% of the combined company and pre-Merger Tectonic shareholders are expected to own approximately 40.2% of the combined company, and in each case after giving effect to the aforementioned private placement financing.

…Tectonic Therapeutic, co-founded by Andrew Kruse and Tim Springer of Harvard Medical School, is transforming the discovery of antibodies and other biologic drugs targeting GPCRs to develop novel therapies for patients inadequately served by current treatments. With its proprietary GEODe platform, Tectonic aims to unlock the therapeutic utility of some of the most difficult receptors in the class, where small molecule pharmacology may be intractable.

This kind of transaction was expected following AVRO’s announcement in Jul 2023 (#msg-172324231).

After the reverse-merger closing, the Nasdaq symbol will change to TECX.