Tectonic Therapeutic Announces Merger With AVROBIO, $130.7 Million Private Financing Commitments

Boston – January 30, 2024 – Cooley advised Tectonic Therapeutic, a privately held biotechnology company developing G-protein coupled receptor-targeted therapeutic proteins, on its definitive merger agreement to combine in an all-stock transaction with AVROBIO, a gene therapy company with a purpose to free people from a lifetime of genetic disease. Partners Miguel Vega, Marc Recht, Courtney Thorne and Michael Rohr led the Cooley team advising Tectonic.

Under the terms of the agreement, AVROBIO will acquire 100% of the outstanding equity interests of Tectonic. Upon completion of the merger, the combined company is expected to operate under the name Tectonic Therapeutic and trade on Nasdaq under the ticker symbol TECX. Tectonic has obtained $130.7 million in private financing commitments with a syndicate of new and existing leading life sciences investors in connection with the merger. The combined company is expected to have approximately $165 million in cash and cash equivalents at closing – inclusive of the proceeds to be received in the private placement. The private placement is expected to close in conjunction with the merger in the second quarter of 2024.

Cooley has represented Tectonic since its formation, with the company most recently raising an $80 million Series A financing in April 2021.

About Cooley LLP

Clients partner with Cooley on transformative deals, complex IP and regulatory matters, and high-stakes litigation, where innovation meets the law.

Cooley has more than 1,300 lawyers across 19 offices in the United States, Asia and Europe, and a total workforce of nearly 3,000.

This content is provided for general informational purposes only, and your access or use of the content does not create an attorney-client relationship between you or your organization and Cooley LLP, Cooley (UK) LLP, or any other affiliated practice or entity (collectively referred to as “Cooley”). By accessing this content, you agree that the information provided does not constitute legal or other professional advice. This content is not a substitute for obtaining legal advice from a qualified attorney licensed in your jurisdiction and you should not act or refrain from acting based on this content. This content may be changed without notice. It is not guaranteed to be complete, correct or up to date, and it may not reflect the most current legal developments. Prior results do not guarantee a similar outcome. Do not send any confidential information to Cooley, as we do not have any duty to keep any information you provide to us confidential. This content may be considered Attorney Advertising and is subject to our legal notices.