Avrobio Offloads Gene Therapy Program For Rare Genetic Disorder To Novartis
Portfolio Pulse from Vandana Singh
Avrobio Inc has agreed to sell its investigational hematopoietic stem cell (HSC) gene therapy program for cystinosis to Novartis AG for $87.5 million in cash. The proceeds will extend Avrobio's cash runway into Q4 2024.
May 22, 2023 | 5:08 pm
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POSITIVE IMPACT
Avrobio's sale of its HSC gene therapy program to Novartis for $87.5M will extend its cash runway into Q4 2024.
The sale of Avrobio's HSC gene therapy program to Novartis for $87.5M will provide the company with additional cash, extending its runway into Q4 2024. This will likely have a positive impact on the stock price in the short term as it indicates the company's ability to generate cash from its assets and reduces financial risk.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Novartis acquires Avrobio's HSC gene therapy program for cystinosis for $87.5M, expanding its gene therapy portfolio.
Novartis' acquisition of Avrobio's HSC gene therapy program for cystinosis for $87.5M will expand its gene therapy portfolio. This could have a positive impact on Novartis' stock price in the short term as it demonstrates the company's commitment to expanding its presence in the gene therapy market and potentially increasing future revenues.
CONFIDENCE 90
IMPORTANCE 60
RELEVANCE 80