Hailshadow/iStock via Getty Images
- Life sciences company Solid Biosciences (NASDAQ:SLDB) will acquire the gene therapy company AavantiBio.
- The combined entity aims to advance a portfolio of neuromuscular and cardiac programs.
- The merger is subject to an approval by the shareholders of Solid.
- Post the transaction, the current CEO of AavantiBio, Bo Cumbo, will assume the role of president and CEO of Solid Biosciences.
- In support of the acquisition, SLDB has entered into a securities purchase agreement with a select group of institutional investors and accredited investors for a $75M private placement. The private placement is expected to close concurrently with the merger in Q4.
- The combined entity is expected to have total cash and investments of ~$215M post the closing of the merger.
- SLDB shares were trading +17.47% pre-market.
- Source: Press Release