Maks_Lab/iStock via Getty Images Tectonic Therapeutic (TECX) announced the closing of its planned merger with AVROBIO ( NASDAQ: AVRO ), along with a concurrent $130.7 private placement. The combined company will operate under the name Tectonic Therapeutic, with shares trading under the symbol TECX beginning on Friday.
Concurrent with the merger, Tectonic also privately placed $130.7M. Investors included a major mutual fund, TAS Partners, 5AM Ventures, EcoR1 Capital, Polaris Partners, Vida Ventures, and certain funds and accounts advised by Farallon Capital Management.
At the close of the transaction, Tectonic had approximately $181M in cash and equivalents, before payment of certain transaction costs, which it believes should fund operations into mid-2027. AVROBIO also conducted a 1-for-12 reverse stock split in connection with the merger. AVROBIO shareholders also received a contingent value right that entitles them to cash payments related to the sale of the company's pre-transaction legacy assets, according to a statement .
Tectonic and AVROBIO first announced the merger deal in January. More on AVROBIO Historical earnings data for AVROBIO Financial information for AVROBIO.
