425

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): June 4, 2024

 

 

AVROBIO, Inc.

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   001-38537   81-0710585

(State or other jurisdiction

of incorporation)

 

(Commission

File Number)

 

(I.R.S. Employer

Identification No.)

One Broadway

14th Floor

Cambridge, MA 02142

(Address of principal executive offices, including zip code)

(617) 914-8420

(Registrant’s telephone number, including area code)

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading
Symbol(s)

 

Name of each exchange

on which registered

Common Stock, $0.0001 par value per share   AVRO   Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 


Item 8.01

Other Events.

As previously disclosed, AVROBIO, Inc., a Delaware corporation (“AVROBIO”), and Tectonic Therapeutic, Inc., a Delaware corporation (“Tectonic”), entered into an Agreement and Plan of Merger and Reorganization (the “Merger Agreement”) on January 30, 2024, pursuant to which, among other matters, Alpine Merger Subsidiary, Inc., a direct, wholly owned subsidiary of AVROBIO (“Merger Sub”), will merge with and into Tectonic, with Tectonic surviving as a wholly owned subsidiary of AVROBIO (such transaction, the “merger”). After the completion of the merger, AVROBIO will change its corporate name to “Tectonic Therapeutic, Inc.”

Certain Litigation

In connection with the merger, AVROBIO filed with the Securities and Exchange Commission (the “SEC”) a Form S-4 Registration Statement on February 14, 2024, as amended on March 26, 2024, April 15, 2024, and April 29, 2024 (the “Registration Statement”) with respect to the special meeting of AVROBIO’s stockholders scheduled to be held on June 11, 2024. Following the announcement of the merger and as of the time of the filing of these Supplemental Disclosures (as defined below), three actions were filed by purported AVROBIO stockholders in connection with the merger. One action has been filed in the United States District Court for the Southern District of New York captioned Garofalo v. Avrobio, Inc. et al., 24-cv-1493 (filed February 27, 2024). Two actions have been filed in the Supreme Court of New York, captioned Price v. Avrobio, Inc., et al., No. 652555/2024 (filed May 17, 2024) and Keller v. Avrobio, Inc., et al., No. 652597/2024 (filed May 21, 204). The foregoing actions are referred to as the “Merger Actions.”

The Merger Actions generally allege that the Registration Statement misrepresents and/or omits certain purportedly material information in connection with the merger, potential conflicts of interest of AVROBIO’s officers and directors, and the events that led to the signing of the Merger Agreement. The Garofalo action asserts violations of Section 14(a) of the Exchange Act and Rule 14a-9 promulgated thereunder against all defendants (AVROBIO and the board of directors of AVROBIO) and violations of Section 20(a) of the Exchange Act against AVROBIO’s directors. The Price and Keller actions assert claims for breach of fiduciary duty against all defendants. The Merger Actions seek, among other things, an injunction enjoining the consummation of the merger, costs of the action, including plaintiff’s attorneys’ fees and experts’ fees and other relief the court may deem just and proper.

AVROBIO also received demand letters from eleven purported AVROBIO stockholders (the “Demands”). The Demands generally assert that the Registration Statement misrepresents and/or omits certain purportedly material information relating to the merger.

AVROBIO cannot predict the outcome of the Merger Actions or the Demands. AVROBIO believes that the Merger Actions and Demands are without merit. If additional complaints are filed or demands are received, absent new or significantly different allegations, AVROBIO will not necessarily disclose such additional complaints or demands.

AVROBIO believes that the disclosures set forth in the Registration Statement comply fully with all applicable law, that no supplemental disclosures are required under applicable law, and that the allegations in the Merger Actions and Demands are without merit. However, in order to moot the claims in the Merger Actions and Demands, avoid nuisance and possible expense and business delays, and provide additional information to its stockholders, and without admitting any liability or wrongdoing, AVROBIO has decided voluntarily to supplement certain disclosures in the Registration Statement (the “Supplemental Disclosures”). Nothing in the Supplemental Disclosures shall be deemed an admission of the legal necessity or materiality under applicable laws of any of the disclosures set forth herein. To the contrary, AVROBIO specifically denies all allegations in the Merger Actions and the Demands and that any additional disclosure was or is required or material.


The Supplemental Disclosures supplement the disclosures contained in the Registration Statement and should be read in conjunction with the disclosures contained in the Registration Statement, which in turn should be read in its entirety. To the extent that information set forth in the Supplemental Disclosures differs from or updates information contained in the Registration Statement, the information in the Supplemental Disclosures shall supersede or supplement the information contained in the Registration Statement. All page references used herein are to the Registration Statement and capitalized or defined terms used herein, but not otherwise defined, shall have the meanings ascribed to such terms in the Registration Statement. To the extent that certain disclosures contained in the Registration Statement are amended and restated in the Supplemental Disclosures, any additional language is indicated by bold, underlined text and deletions are indicated by strikethrough.

Supplemental Disclosures to the Registration Statement

The disclosure under the heading “Background of the Merger” is hereby amended and supplemented by replacing the first full paragraph on page 189 of the Registration Statement in its entirety with the following:

On November 11, 2023, Tectonic submitted a written indication of interest to AVROBIO proposing a reverse merger transaction (the “Tectonic November 11, 2023 Proposal”). The Tectonic November 11, 2023 Proposal contemplated a valuation for AVROBIO of $70 million (including a targeted $65 million of net cash at closing and a $5 million proposed valuation of AVROBIO’s public company listing), a valuation for Tectonic of $150 million (which was equal to the agreed upon valuation of Tectonic in a recently negotiated term sheet for a transaction Tectonic and the Tectonic Board had previously considered), and a potential concurrent private placement investment in a range of $125 million to $150 million to help fund the combined company following the merger. The Tectonic November 11, 2023 Proposal also communicated Tectonic’s willingness to offer CVRs or other monetization mechanisms to pre-closing AVROBIO shareholders in connection with any post-closing transaction to monetize AVROBIO’s pre-closing assets. The Tectonic November 11, 2023 Proposal also contemplated that the combined company’s board would include 5-6 directors from Tectonic and one director from AVROBIO. The Tectonic November 11, 2023 Proposal was promptly shared with the AVROBIO Transaction Committee.

The disclosure under the heading “Background of the Merger” is hereby amended and supplemented by replacing the fifth full paragraph on page 187 of the Registration Statement in its entirety with the following:

On October 24, 2023, AVROBIO and Tectonic entered into a mutual confidentiality agreement, which included a customary “standstill” provision binding on Tectonic subject to customary fallaway provisions. At no point during the negotiation process with Tectonic leading up to the execution of the Merger Agreement did any employee of AVROBIO enter into any formal or informal agreement, arrangement, or understanding (whether or not binding) regarding continuing employment after closing of the contemplated transaction.

The disclosure under the subheading “Opinion of Houlihan Lokey to the AVROBIO Board” is hereby amended and supplemented by replacing the chart on page 213 and 214 of the Registration Statement in its entirety with the following:

 

(Dollars in millions, except per share values)                                   
                   Enterprise
Value
    Lead Product

Selected Cardiovascular Companies

   Share
Price
     Equity
Market
Value
    Phase    Therapeutic Category    Therapeutic Indication

Aerovate Therapeutics, Inc.

   $ 17.68      $ 489.2      $ 354.0     Phase II-B / III    Cardiovascular    Pulmonary Hypertension
  

 

 

    

 

 

            

Cereno Scientific AB (publ)

   $ 0.44      $ 103.5      $ 97.0     Phase II    Cardiovascular    Pulmonary Hypertension
  

 

 

    

 

 

            

Gossamer Bio, Inc.

   $ 0.80      $ 180.3      $ 63.1     Phase III    Cardiovascular    Pulmonary Hypertension
  

 

 

    

 

 

            

Pharmosa Biopharm Inc.

   $ 2.85      $ 333.9      $ 302.5     Phase III    Cardiovascular    Pulmonary Hypertension
  

 

 

    

 

 

            

Tenax Therapeutics, Inc.

   $ 10.09      $ 3.0      ($ 8.0   Phase III - Starting    Cardiovascular    Pulmonary Hypertension,
HFpEF
  

 

 

    

 

 

            

Tenaya Therapeutics, Inc.

   $ 4.19      $ 285.4      $ 157.3     Phase I Complete    Cardiovascular    HFpEF
  

 

 

    

 

 

            


(Dollars in millions, except per share values)                                         
                   Enterprise
Value
    Lead Product  

Selected Cardiovascular Companies

   Share
Price
     Equity
Market
Value
    Phase      Therapeutic Category      Therapeutic Indication  

Verve Therapeutics, Inc.

   $ 11.54      $ 928.1      $ 442.9       Phase I       
Cardiovascular,
Metabolic
 
 
     ASCVD, HeFH  
  

 

 

    

 

 

            

Low

      $ 3.0      $ (8.0        
     

 

 

            

High

      $ 928.1      $ 442.9          
     

 

 

            

Median

      $ 285.4      $ 157.3          
     

 

 

            

Mean

      $ 331.9      $ 201.2          
     

 

 

            
Selected Early Stage Companies                 

Acumen Pharmaceuticals, Inc.

   $ 3.24      $ 187.6      ($ 95.1     Phase II Ready       
Central Nervous
System
 
 
     Alzheimer’s Disease  
  

 

 

    

 

 

            

Apogee Therapeutics, Inc.

   $ 36.50      $ 1,849.6      $ 1,426.8       Phase I        Dermatology        Atopic Dermatitis  
  

 

 

    

 

 

            

Cabaletta Bio, Inc.

   $ 22.28      $ 954.7      $ 790.3       Phase I / II        Immunology       
Systemic Lupus
Erythematosus (SLE)
 
 
  

 

 

    

 

 

            

Dianthus Therapeutics, Inc.

   $ 17.88      $ 264.9      $ 75.1       Phase II Ready        Immunology        Myasthenia Gravis  
  

 

 

    

 

 

            

Longboard Pharmaceuticals, Inc.

   $ 23.27      $ 843.9      $ 787.9       Phase III Ready        Neurology       

Developmental and
Epileptic
Encephalopathy
 
 
 
  

 

 

    

 

 

            

Spyre Therapeutics, Inc.

   $ 27.50      $ 990.6      $ 1,174.1       IND        Gastrointestinal       
Inflammatory Bowel
Disease
 
 
  

 

 

    

 

 

            

Structure Therapeutics Inc.

   $ 42.50      $ 2,076.3      $ 1,870.9       Phase II-A        Metabolic Disorders        Diabetes and Obesity  
  

 

 

    

 

 

            

Zura Bio Limited

   $ 3.20      $ 139.5      $ 58.1       Phase II Ready        Immunology        Systemic Sclerosis  
  

 

 

    

 

 

            

Low

      $ 139.5      $ (95.1        
     

 

 

            

High

      $ 2,076.3      $ 1,870.9          
     

 

 

            

Median

      $ 899.33      $ 789.1          
     

 

 

            

Mean

      $ 913.4      $ 761.0          
     

 

 

            
All Selected Companies                 

Low

      $ 3.0      $ (95.1        
     

 

 

            

High

      $ 2,076.3      $ 1,870.9          
     

 

 

            

Median

      $ 333.9      $ 302.5          
     

 

 

            

Mean

      $ 642.0      $ 499.8          
     

 

 

            

The disclosure under the heading “Opinion of Houlihan Lokey to the AVROBIO Board” is hereby amended and supplemented by replacing the chart on page 215 of the Registration Statement in its entirety with the following:

 

(Dollars in millions)                              

Lead Product

Announced

  Effective    

Target

 

Acquiror

  Upfront
Consideration
    Contingent
Consideration
    Transaction
Value
   

Therapeutic
Indication

 

Development
Phase

Cardiovascular                

9/30/22

    10/20/22     DJS Antibodies Ltd   AbbVie, Inc.   $ 255.0     $ 95.0     $ 350.0     Fibrotic Diseases   NA

9/20/22

    12/1/22     Renovacor, Inc.   Rocket Pharmaceuticals, Inc.   $ 53.0       NA     $ 53.0     Cardiomyopathy   Preclinical

3/23/21

    9/2/21     Chardan Healthcare Acquisition 2 Corp.   Renovacor, Inc.   $ 116.0       NA     $ 116.0     Cardiovascular Disorders   Preclinical

1/19/21

    1/15/21     PH Precision Med   Tenax Therapeutics, Inc.   $ 21.6       NA     $ 21.6     Pulmonary Hypertension   Preclinical

7/21/20

    12/14/20     Tenzing Acquisition Corp.   Reviva Pharmaceuticals, Inc.   $ 119.7       NA     $ 119.7     Pulmonary Hypertension   Phase II

1/13/20

    1/13/20     Viamet’s Oral Aldosterone Synthase Inhibitor   PhaseBio Pharmaceuticals, Inc.   $ 0.1     $ 147.6     $ 147.7     Hypertension   Preclinical


(Dollars in millions)                              

Lead Product

Announced

  Effective    

Target

 

Acquiror

  Upfront
Consideration
    Contingent
Consideration
    Transaction
Value
   

Therapeutic
Indication

 

Development
Phase

Low

        $ 0.1     $ 95.0     $ 21.6      

High

        $ 255.0     $ 147.6     $ 350.0      

Median

        $ 84.5     $ 121.3     $ 117.9      

Mean

        $ 94.2     $ 121.3     $ 134.7      
Phase I                

11/14/23

    Pending     Qsam Biosciences, Inc.   Telix Pharmaceuticals Limited   $ 33.1     $ 90.0     $ 123.1     Osteosarcoma   Phase I

8/21/23

    8/23/23     Bird Rock Bio, Inc.   Skye Bioscience, Inc.   $ 20.0     $ 0.0     $ 20.0     Chronic Kidney Disease   Phase I

6/25/23

    Pending     Qpex Biopharma, Inc.   Shionogi, Inc.   $ 100.0     $ 40.0     $ 140.0     Gram-Negative Infections   Phase I

2/21/23

    2/21/23     Kinnjiu Biopharma Inc   Kinnate Biopharma Inc   $ 24.0     $ 0.0     $ 24.0     Solid Tumors, Melanoma   Phase I

11/7/22

    11/7/22     Fulgent Pharma LLC   Fulgent Genetics Inc   $ 100.0     $ 0.0     $ 100.0     Cancer   Phase I

9/19/22

    9/29/22     Versantis AG   Genfit SA   $ 41.4     $ 67.3     $ 108.8     Liver Disease   Phase I

7/20/22

    12/12/22     Larkspur Health Acquisition Corp.   Zyversa Therapeutics Inc   $ 193.6     $ 0.0     $ 193.6     Diabetic Nephropathy   Phase I

7/5/22

    8/11/22     TeneoTwo Inc   AstraZeneca Plc   $ 100.0     $ 1,165.0     $ 1,265.0     Lymphoma   Phase I

5/31/22

    8/16/22     Affinivax Inc   GSK Plc   $ 2,100.0     $ 1,200.0     $ 3,300.0     Streptococcal Pneumonia   Phase I

3/1/22

    3/1/22     Syndesi Therapeutics SA   AbbVie Inc   $ 130.0     $ 870.0     $ 1,000.0     Alzheimer’s Disease   Phase I

12/14/21

    3/11/22     VCN Biosciences SL   Theriva Biologics Inc   $ 4.7     $ 70.3     $ 75.0     Cancer   Phase I

11/11/21

    12/13/21     Forendo Pharma Ltd   Organon & Co   $ 75.0     $ 870.0     $ 945.0     Endometriosis   Phase I

11/11/21

    11/11/21     Abfero Pharmaceuticals Inc   Pharmacosmos AS   $ 225.0       Undisclosed     $ 225.0     Diseases of Iron Overload   Phase I

10/26/21

    10/26/21     Chengdu Antkin Biotechnology Co Ltd   Shanghai Fosun Pharmaceutical Group   $ 627.3     $ 0.0     $ 627.3     Streptococcal Pneumonia   Phase I

7/27/21

    10/19/21     TeneoBio Inc   Amgen Inc   $ 900.0     $ 1,600.0     $ 2,500.0     Myeloma, Lymphoma   Phase I

2/26/21

    3/31/21     Silicon Therapeutics LLC   Roivant Sciences Ltd   $ 450.0       Undisclosed     $ 450.0     Cancer   Phase I

2/1/21

    6/30/21     Leisure Acquisition Corp.   Ensysce Biosciences Inc   $ 207.0     $ 0.0     $ 207.0     Pain, Substance Abuse   Phase I

9/29/20

    12/23/20     LifeSci Acquisition Corp.   Vincerx Pharma Inc   $ 55.0     $ 0.0     $ 55.0     Lymphoma, Cancer   Phase I

9/21/20

    9/21/20     Inflazome Ltd   F. Hoffmann-La Roche Ltd   $ 445.9       Undisclosed     $ 445.9     Inflammatory Diseases   Phase I

8/24/20

    8/24/20     CerSci Therapeutics Inc   Acadia Pharmaceuticals Inc   $ 52.5     $ 887.0     $ 939.5     Amyotrophic Lateral Sclerosis   Phase I

2/26/20

    2/26/20     PVP Biologics Inc (Inactive)   Takeda Pharmaceutical Co Ltd   $ 330.0       Undisclosed     $ 330.0     Celiac Disease   Phase I

1/16/20

    5/6/20     Neon Therapeutics, Inc.   BioNTech US Inc   $ 67.0     $ 0.0     $ 67.0     Cancer   Phase I

11/18/19

    11/25/19     Rodin Therapeutics Inc   Alkermes Plc   $ 100.0     $ 850.0     $ 950.0     Neurodegenerative Diseases   Phase I

5/8/19

    7/1/19     Therachon AG   Pfizer Inc   $ 340.0     $ 470.0     $ 810.0     Achondroplasia   Phase I

4/1/19

    5/8/19     Novartis AG   IFM Tre Inc   $ 310.0     $ 1,265.0     $ 1,575.0     Inflammatory Disorders   Phase I

1/4/19

    1/11/19     Yong Shun Technology Development   Dragon Merit   $ 36.8     $ 0.0     $ 36.8     Cancer   Phase I

Low

        $ 4.7     $ 0.0     $ 20.0      

High

        $ 2,100.0     $ 1,600.0     $ 3,300.0      

Media

        $ 100.0     $ 68.8     $ 277.5      

Mean

        $ 271.9     $ 429.3     $ 635.1      
All M&A Transactions            

Low

        $ 0.1     $ 0.0     $ 20.0      

High

        $ 2,100.0     $ 1,600.0     $ 3,300.0      

Media

        $ 100.0     $ 80.1     $ 200.3      

Mean

        $ 238.6     $ 403.6     $ 541.3      


The disclosure under the heading “Opinion of Houlihan Lokey to the AVROBIO Board” is hereby amended and supplemented by replacing the chart on page 216 through 218 of the Registration Statement in its entirety with the following:

 

(Dollars in millions, except per share data)                                            Current Statistics [1]  

IPO Date

  

Selected Company

  

GPCR
Platform

  

Lead Asset
Indication

  

Lead Asset
Phase

   Offer
Price
     Pre-
Money
Value
     Gross
Proceeds
     Post-
Money
Value
     Post-
Money
Enterprise
Value
     Share
Price
     Market
Cap
     Change in
Market

Cap since
IPO
    Enterprise
Value
 

Cardiovascular

                                  

11/2/23

   Lexeo Therapeutics, Inc.    No    Cardiomyopathy and Alzheimer’s    Phase I    $ 11.00      $ 172.4      $ 100.0      $ 272.4      $ 329.7      $ 16.51      $ 459.4        68.7   $ 615.0  
                             

 

 

    

 

 

    

 

 

   

 

 

 

2/9/23

   Mineralys Therapeutics, Inc.    No    Hypertension    Phase II    $ 16.00      $ 432.9      $ 220.8      $ 653.7      $ 357.4      $ 10.30      $ 436.1        (33.3 %)    $ 182.3  
                             

 

 

    

 

 

    

 

 

   

 

 

 

1/6/22

   CinCor Pharma, Inc.    No    Hypertension    Phase II    $ 16.00      $ 390.7      $ 212.7      $ 603.4      $ 284.6        NA        NA        NA       NA  
                             

 

 

    

 

 

    

 

 

   

 

 

 

7/29/21

   Tenaya Therapeutics, Inc.    No    gHCM and HFpEF    Preclinical    $ 15.00      $ 409.9      $ 207.0      $ 616.9      $ 324.7      $ 4.19      $ 285.4        (53.7 %)    $ 157.3  
                             

 

 

    

 

 

    

 

 

   

 

 

 

6/29/21

   Aerovate Therapeutics, Inc.    No    PAH    Phase I    $ 14.00      $ 202.0      $ 139.8      $ 341.7      $ 247.5      $ 17.68      $ 511.0        49.5   $ 375.8  
                             

 

 

    

 

 

    

 

 

   

 

 

 

6/17/21

   Verve Therapeutics, Inc.    No    Hypercholesterolemia and ASCVD    Preclinical    $ 19.00      $ 609.4      $ 306.7      $ 916.1      $ 571.9      $ 11.54      $ 928.1        1.3   $ 442.9  
                             

 

 

    

 

 

    

 

 

   

 

 

 

10/28/20

   Galecto, Inc.    No    Pulmonary Fibrosis    Phase II    $ 15.00      $ 283.8      $ 95.1      $ 378.9      $ 205.2      $ 0.67      $ 18.2        (95.2 %)    ($ 26.0
                             

 

 

    

 

 

    

 

 

   

 

 

 

5/13/19

   Applied Therapeutics, Inc.    No    Diabetic Cardiomyopathy    Phase II    $ 10.00      $ 130.5      $ 40.0      $ 170.5      $ 114.5      $ 2.91      $ 229.0        34.3   $ 192.3  
                             

 

 

    

 

 

    

 

 

   

 

 

 

Low

               $ 10.00      $ 130.5      $ 40.0      $ 170.5      $ 114.5      $ 0.67      $ 18.2        (95.2 %)    ($ 26.0
                             

 

 

    

 

 

    

 

 

   

 

 

 

High

               $ 19.00      $ 609.4      $ 306.7      $ 916.1      $ 571.9      $ 17.68      $ 928.1        68.7   $ 615.0  
                             

 

 

    

 

 

    

 

 

   

 

 

 

Median

               $ 15.00      $ 337.2      $ 173.4      $ 491.1      $ 304.6      $ 10.30      $ 436.1        1.3   $ 192.3  
                             

 

 

    

 

 

    

 

 

   

 

 

 

Mean

               $ 14.50      $ 328.9      $ 165.3      $ 494.2      $ 304.4      $ 9.11      $ 409.6        (4.1 %)    $ 277.1  
                             

 

 

    

 

 

    

 

 

   

 

 

 

Phase I

                                  

3/30/23

   Gubra A/S    Yes    Obesity    Phase I    $ 16.10      $ 232.4      $ 30.8      $ 263.2      $ 205.0      $ 17.64      $ 287.3        9.2   $ 224.7  
                             

 

 

    

 

 

    

 

 

   

 

 

 

2/2/23

   Structure Therapeutics Inc.    Yes    T2DM / Obesity and PAH    Phase I    $ 15.00      $ 370.5      $ 185.3      $ 555.8      $ 306.0      $ 42.50      $ 2,205.3        296.8   $ 1,999.9  
                             

 

 

    

 

 

    

 

 

   

 

 

 

9/14/22

   Third Harmonic Bio, Inc.    No    Chronic Urticaria and Asthma    Phase I    $ 17.00      $ 472.5      $ 213.1      $ 685.6      $ 403.8      $ 9.01      $ 387.7        (43.5 %)    $ 113.8  
                             

 

 

    

 

 

    

 

 

   

 

 

 

7/27/22

   MAIA Biotechnology, Inc.    No    Cancer    Phase I    $ 5.00      $ 41.7      $ 11.5      $ 53.2      $ 34.4      $ 1.35      $ 22.9        (57.0 %)    $ 16.8  
                             

 

 

    

 

 

    

 

 

   

 

 

 

5/5/22

   PepGen Inc.    No    Duchenne Muscular Dystrophy    Phase I    $ 12.00      $ 160.7      $ 122.9      $ 283.6      $ 52.0      $ 6.86      $ 163.4        (42.4 %)    $ 33.8  
                             

 

 

    

 

 

    

 

 

   

 

 

 

3/24/22

   AN2 Therapeutics, Inc.    No    Infectious Diseases    Phase I    $ 15.00      $ 212.1      $ 79.4      $ 291.4      $ 167.3      $ 19.50      $ 613.2        110.4   $ 489.4  
                             

 

 

    

 

 

    

 

 

   

 

 

 

2/3/22

   Arcellx, Inc.    No    Myeloma    Phase I    $ 15.00      $ 379.4      $ 142.3      $ 521.7      $ 339.5      $ 62.82      $ 3,673.5        604.1   $ 3,244.9  
                             

 

 

    

 

 

    

 

 

   

 

 

 

10/20/21

   Ventyx Biosciences, Inc.    Yes    Ulcerative Colitis and Crohn’s Disease    Phase I    $ 16.00      $ 631.3      $ 174.3      $ 805.6      $ 513.4      $ 2.04      $ 120.4        (85.1 %)    ($ 180.4
                             

 

 

    

 

 

    

 

 

   

 

 

 

10/14/21

   MiNK Therapeutics, Inc.    No    Respiratory Distress Syndrome    Phase I    $ 12.00      $ 351.0      $ 40.0      $ 391.0      $ 355.1      $ 0.84      $ 29.1        (92.6 %)    $ 22.7  
                             

 

 

    

 

 

    

 

 

   

 

 

 

7/30/21

   IN8bio, Inc.    No    Leukemia    Phase I    $ 10.00      $ 147.5      $ 40.0      $ 187.5      $ 138.9      $ 1.30      $ 56.3        (70.0 %)    $ 44.8  
                             

 

 

    

 

 

    

 

 

   

 

 

 

3/25/21

   Edgewise Therapeutics, Inc.    No    Muscular Dystrophy and Cardiomyopathy    Phase I    $ 16.00      $ 585.1      $ 202.4      $ 787.5      $ 521.4      $ 16.52      $ 1,433.9        82.1   $ 1,144.2  
                             

 

 

    

 

 

    

 

 

   

 

 

 


(Dollars in millions, except per share data)                                            Current Statistics [1]  

IPO Date

  

Selected Company

  

GPCR
Platform

  

Lead Asset
Indication

  

Lead Asset
Phase

   Offer
Price
     Pre-
Money
Value
     Gross
Proceeds
     Post-
Money
Value
     Post-
Money
Enterprise
Value
     Share
Price
     Market
Cap
     Change in
Market

Cap since
IPO
    Enterprise
Value
 

3/18/21

   Instil Bio, Inc.    No    Cancer    Phase I    $ 20.00      $ 2,196.2      $ 368.0      $ 2,564.2      $ 1,975.4      $ 11.94      $ 77.7        (97.0 %)    ($ 24.6
                             

 

 

    

 

 

    

 

 

   

 

 

 

3/11/21

   Longboard Pharmaceuticals, Inc.    Yes    DEEs    Phase I    $ 16.00      $ 132.6      $ 84.8      $ 217.4      $ 90.0      $ 23.27      $ 914.5        320.7   $ 858.5  
                             

 

 

    

 

 

    

 

 

   

 

 

 

2/11/21

   Decibel Therapeutics, Inc.    No    Hearing Disorders    Phase I    $ 18.00      $ 310.3      $ 137.9      $ 448.2      $ 246.1        NA        NA        NA       NA  
                             

 

 

    

 

 

    

 

 

   

 

 

 

12/4/20

   Silverback Therapeutics, Inc.    No    Cancer    Phase I    $ 21.00      $ 452.9      $ 277.7      $ 730.6      $ 367.9        NA        NA        NA       NA  
                             

 

 

    

 

 

    

 

 

   

 

 

 

10/15/20

   Aligos Therapeutics, Inc.    No    Hepatitis B    Phase I    $ 15.00      $ 334.5      $ 172.5      $ 507.0      $ 242.8      $ 0.69      $ 51.8        (89.8 %)    ($ 18.4
                             

 

 

    

 

 

    

 

 

   

 

 

 

10/1/20

   Oncorus, Inc.    No    Cancer    Phase I    $ 15.00      $ 240.7      $ 98.4      $ 339.1      $ 196.6        NA        NA        NA       NA  
                             

 

 

    

 

 

    

 

 

   

 

 

 

9/24/20

   Prelude Therapeutics, Inc.    No    Cancer    Phase I    $ 19.00      $ 648.5      $ 181.9      $ 830.4      $ 606.6      $ 3.58      $ 226.9        (72.7 %)    ($ 3.6
                             

 

 

    

 

 

    

 

 

   

 

 

 

9/17/20

   Athira Pharma, Inc.    No    Alzheimer’s Disease, Dementia    Phase I    $ 17.00      $ 319.9      $ 227.8      $ 547.7      $ 277.4      $ 3.09      $ 117.6        (78.5 %)    ($ 55.4
                             

 

 

    

 

 

    

 

 

   

 

 

 

7/15/20

   Relay Therapeutics, Inc.    No    Cancer    Phase I    $ 20.00      $ 1,337.5      $ 460.0      $ 1,797.5      $ 1,093.1      $ 9.72      $ 1,238.9        (31.1 %)    $ 428.3  
                             

 

 

    

 

 

    

 

 

   

 

 

 

6/25/20

   Fusion Pharmaceuticals Inc.    No    Cancer    Phase I    $ 17.00      $ 495.8      $ 212.5      $ 708.3      $ 385.3      $ 10.89      $ 858.6        21.2   $ 701.8  
                             

 

 

    

 

 

    

 

 

   

 

 

 

6/4/20

   Applied Molecular Transport Inc.    No    Pouchitis and Rheumatoid Arthritis    Phase I    $ 14.00      $ 299.6      $ 177.1      $ 476.7      $ 319.1        NA        NA        NA       NA  
                             

 

 

    

 

 

    

 

 

   

 

 

 

7/17/19

   Fulcrum Therapeutics, Inc.    No    Muscular Dystrophy    Phase I    $ 16.00      $ 301.4      $ 72.0      $ 373.4      $ 247.2      $ 6.95      $ 429.7        15.1   $ 172.6  
                             

 

 

    

 

 

    

 

 

   

 

 

 

Low

               $ 5.00      $ 41.7      $ 11.5      $ 53.2      $ 34.4      $ 0.69      $ 22.9        (97.0 %)    ($ 180.4
                             

 

 

    

 

 

    

 

 

   

 

 

 

High

               $ 21.00      $ 2,196.2      $ 460.0      $ 2,564.2      $ 1,975.4      $ 62.82      $ 3,673.5        604.1   $ 3,244.9  
                             

 

 

    

 

 

    

 

 

   

 

 

 

Median

               $ 16.00      $ 334.5      $ 172.5      $ 507.0      $ 306.0      $ 9.01      $ 287.3        (42.4 %)    $ 113.8  
                             

 

 

    

 

 

    

 

 

   

 

 

 

Mean

               $ 15.53      $ 463.2      $ 161.4      $ 624.6      $ 395.0      $ 13.18      $ 679.4        36.8   $ 484.9  
                             

 

 

    

 

 

    

 

 

   

 

 

 
All Selected IPOs                                   

Low

               $ 5.00      $ 41.7      $ 11.5      $ 53.2      $ 34.4      $ 0.67      $ 18.2        (97.0 %)    ($ 180.4
                             

 

 

    

 

 

    

 

 

   

 

 

 

High

               $ 21.00      $ 2,196.2      $ 460.0      $ 2,564.2      $ 1,975.4      $ 62.82      $ 3,673.5        604.1   $ 3,244.9  
                             

 

 

    

 

 

    

 

 

   

 

 

 

Median

               $ 16.00      $ 334.5      $ 172.5      $ 507.0      $ 306.0      $ 9.37      $ 337.5        (32.2 %)    $ 177.5  
                             

 

 

    

 

 

    

 

 

   

 

 

 

Mean

               $ 15.26      $ 428.6      $ 162.4      $ 591.0      $ 371.6      $ 12.09      $ 606.8        25.8   $ 429.0  
                             

 

 

    

 

 

    

 

 

   

 

 

 

[1] As of January 26, 2024

The disclosure under the heading “Opinion of Houlihan Lokey to the AVROBIO Board” is hereby amended and supplemented by replacing the chart on page 218 and 219 of the Registration Statement in its entirety with the following:

 

(Dollars in millions)                                    

Lead Product

Announced Date

  

Company

  

Financing

Round

   Amount
Raised
     Total
Capital
Raised
     Pre-Money
Value
     Post-
Money
Value
    

Therapeutic
Category

  

Phase

Cardiovascular

                       

10/31/23

   Imagine Pharma, Inc.    Series A    $ 32.5      $ 40.0        NA        NA      Cardiovascular    Preclinical

10/17/23

   Amplifier Therapeutics    Series A    $ 33.3      $ 33.3        NA        NA      Cardiovascular    Phase II

12/14/22

   XyloCor Therapeutics    Series A1    $ 12.0      $ 54.5      $ 62.6      $ 74.6      Cardiovascular    NA

1/20/21

   XyloCor Therapeutics    Series A1    $ 22.6      $ 42.5      $ 40.0      $ 62.6      Cardiovascular    Phase II

8/19/22

   Rivus Pharmaceuticals    Series B    $ 132.0      $ 167.0      $ 300.0      $ 432.0      Cardiovascular    Phase II


(Dollars in millions)                                    

Lead Product

Announced Date

  

Company

  

Financing

Round

   Amount
Raised
     Total
Capital
Raised
     Pre-Money
Value
     Post-
Money
Value
    

Therapeutic
Category

  

Phase

7/20/21

   Rivus Pharmaceuticals    Series A    $ 35.0      $ 35.0      $ 15.0      $ 50.0      Cardiovascular    Phase II

6/1/22

   Mineralys    Series B    $ 118.0      $ 158.0      $ 150.0      $ 268.0      Cardiovascular    Phase II

1/18/22

   Mineralys    Series A    $ 40.0      $ 40.0      $ 37.5      $ 77.5      Cardiovascular    Phase I

12/20/21

   Armgo Pharma    Series B    $ 35.0      $ 40.0      $ 35.0      $ 70.0      Cardiovascular    Phase I

9/22/21

   CinCor Pharma    Series B    $ 142.9      $ 192.9      $ 230.0      $ 372.9      Cardiovascular    Phase I

5/14/19

   CinCor Pharma    Series A    $ 50.0      $ 50.0      $ 15.0      $ 65.0      Cardiovascular    Phase I

8/31/21

   Versanis Bio    Series A    $ 70.0      $ 70.0      $ 35.0      $ 105.0      Cardiovascular    Phase II

3/1/21

   Tenaya Therapeutics    Series C    $ 106.0      $ 248.0      $ 270.0      $ 376.0      Cardiovascular    Preclinical

10/3/19

   Tenaya Therapeutics    Series B    $ 92.0      $ 142.0      $ 118.0      $ 210.0      Cardiovascular    Preclinical

1/14/21

   Verve Therapeutics    Series B    $ 94.0      $ 215.5      $ 325.0      $ 419.0      Cardiovascular    Preclinical

1/11/20

   Verve Therapeutics    Series A2    $ 63.0      $ 121.5      $ 130.0      $ 193.0      Cardiovascular    Preclinical

12/8/20

   Edgewise Therapeutics    Series C    $ 95.0      $ 155.0      $ 200.0      $ 295.0      Cardiovascular    Phase I

9/17/19

   Edgewise Therapeutics    Series B    $ 50.0      $ 60.0      $ 60.0      $ 120.0      Cardiovascular    Phase I

10/21/20

   InCarda Therapeutics    Series C    $ 30.0      $ 77.9      $ 128.3      $ 158.3      Cardiovascular    Phase II

8/14/19

   Renovacor    Series A    $ 11.0      $ 11.0      $ 11.3      $ 22.3      Cardiovascular    Preclinical

Low

         $ 11.0      $ 11.0      $ 11.3      $ 22.3        

High

         $ 142.9      $ 248.0      $ 325.0      $ 432.0        

Median

         $ 50.0      $ 65.0      $ 90.3      $ 139.2        

Mean

         $ 63.2      $ 97.7      $ 120.2      $ 187.3        

Early Stage - GPCR

                    

12/14/23

   Deep Apple Therapeutics    Series A    $ 52.0      $ 57.0        NA        NA      Metabolic    Discovery

7/11/23

   Septerna    Series B    $ 150.0      $ 250.0      $ 170.0      $ 320.0      Hormonal    Preclinical

1/27/22

   Septerna    Series A    $ 100.0      $ 100.0      $ 45.0      $ 145.0      Hormonal    Discovery

4/20/23

   Enveda Biosciences    Series B    $ 119.0      $ 175.0      $ 200.0      $ 319.0      Movement    Preclinical

6/22/21

   Enveda Biosciences    Series A    $ 51.0      $ 56.0      $ 70.0      $ 100.1      Movement    Preclinical

2/15/23

   Maxion Therapeutics    Series A    $ 15.9      $ 15.9      $ 13.7      $ 29.5      Immunology    Discovery

10/25/21

   Pathios Therapeutics    Series A    $ 20.0      $ 35.2      $ 20.3      $ 36.5      NA    NA

11/28/22

   Escient Pharmaceuticals    Series C    $ 120.0      $ 237.5      $ 130.0      $ 250.0      Dermatology    Phase II

8/25/20

   Escient Pharmaceuticals    Series B    $ 77.5      $ 117.5      $ 72.5      $ 150.0      Dermatology    Preclinical

8/1/22

   Structure Therapeutics    Series B    $ 133.0      $ 191.0      $ 218.0      $ 351.0      Metabolic    Phase I

3/11/20

   Structure Therapeutics    Series A1    $ 26.0      $ 58.0        NA        NA      Metabolic    Discovery

4/29/19

   Structure Therapeutics    Series A    $ 32.0      $ 32.0        NA        NA      Metabolic    Phase I

5/10/22

   Domain Therapeutics    Series A    $ 42.0      $ 90.0        NA        NA      Immuno-Oncology    Inactive

2/23/21

   Teon Therapeutics    Series A    $ 30.0      $ 35.0      $ 35.0      $ 63.7      Oncology    Preclinical

10/28/20

   Longboard Pharmaceuticals    Series A    $ 56.0      $ 56.0      $ 45.0      $ 101.0      Central Nervous System    Phase I

5/1/19

   Confo Therapeutics    Series A    $ 33.1      $ 40.4      $ 14.9      $ 48.0      Neurology    Discovery

Low

         $ 15.9      $ 15.9      $ 13.7      $ 29.5        

High

         $ 150.0      $ 250.0      $ 218.0      $ 351.0        

Median

         $ 51.5      $ 57.5      $ 57.5      $ 123.0        

Mean

         $ 66.1      $ 96.7      $ 86.2      $ 159.5        

All Private Financings

                    

Low

         $ 11.0      $ 11.0      $ 11.3      $ 22.3        

High

         $ 150.0      $ 250.0      $ 325.0      $ 432.0        

Median

         $ 50.5      $ 59.0      $ 66.3      $ 132.5        

Mean

         $ 64.5      $ 97.2      $ 106.6      $ 176.2        


Forward-Looking Statements

This Current Report on Form 8-K and the exhibits filed or furnished herewith contain “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, express or implied statements regarding the structure, timing and completion of the Merger; the combined company’s listing on Nasdaq after the closing of the proposed Merger (the “Closing”); expectations regarding the ownership structure of the combined company; the anticipated timing of the Closing; and other statements that are not historical fact. All statements other than statements of historical fact contained in this Current Report on Form 8-K and the exhibits filed or furnished herewith are forward-looking statements. These forward-looking statements are made as of the date they were first issued, and were based on the then-current expectations, estimates, forecasts, and projections, as well as the beliefs and assumptions of management. There can be no assurance that future developments affecting AVROBIO, Tectonic, the Merger or the private placement financings will be those that have been anticipated.

Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond AVROBIO’s control. AVROBIO’s actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to the risk that the conditions to the Closing are not satisfied. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties. These and other risks and uncertainties are more fully described in periodic filings with the SEC, including the factors described in the section titled “Risk Factors” in AVROBIO’s Annual Report on Form 10-K for the year ended December 31, 2023, which was filed with the SEC on March 14, 2024, subsequent Quarterly Reports on Form 10-Q filed with the SEC, as well as the final prospectus on Form 424(b)(3) filed with the SEC on May 3, 2024, and in other filings that AVROBIO makes and will make with the SEC in connection with the proposed Merger. You should not place undue reliance on these forward-looking statements, which are made only as of the date hereof or as of the dates indicated in the forward-looking statements. AVROBIO expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based. This Current Report on Form 8-K and the exhibits filed or furnished herewith do not purport to summarize all of the conditions, risks and other attributes of an investment in AVROBIO or Tectonic.

No Offer or Solicitation

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities nor a solicitation of any vote or approval with respect to the proposed transaction or otherwise. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and otherwise in accordance with applicable law.

Important Additional Information About the Proposed Transaction

This Current Report on Form 8-K and the exhibits filed or furnished herewith are not substitutes for the registration statement or for any other document that AVROBIO has filed with the SEC in connection with the proposed transaction. In connection with the proposed transaction between AVROBIO and Tectonic, AVROBIO has filed relevant materials with the SEC, including a registration statement on Form S-4 that contains a proxy statement/prospectus of AVROBIO. AVROBIO URGES INVESTORS AND STOCKHOLDERS TO READ THE REGISTRATION STATEMENT, PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS THAT HAVE BEEN OR MAY BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT AVROBIO, TECTONIC, THE PROPOSED TRANSACTION AND RELATED MATTERS. Investors and stockholders may obtain free copies of the proxy statement/prospectus and other documents filed by AVROBIO with the SEC (when they become available) through the website maintained by the SEC at www.sec.gov. In addition, investors and stockholders should note that AVROBIO communicates with investors and the public using its website (https://www.avrobio.com) and the investor relations website (https://investors.avrobio.com) where anyone may obtain free copies of the proxy statement/prospectus and other documents filed by AVROBIO with the SEC and stockholders are urged to read the proxy statement/prospectus and the other relevant materials when they become available before making any voting or investment decision with respect to the proposed transaction.

Participants in the Solicitation

AVROBIO, Tectonic and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from stockholders in connection with the proposed transaction. Information about AVROBIO’s directors and executive officers including a description of their interests in AVROBIO is included in AVROBIO’s most recent Annual Report on Form 10-K, including any information incorporated therein by reference, as filed with the SEC. Additional information regarding these persons and their interests in the proposed transaction is included in the proxy statement/prospectus relating to the proposed transaction filed with the SEC. These documents can be obtained free of charge from the sources indicated above.


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

    AVROBIO, INC.
Date: June 4, 2024     By:  

/s/ Erik Ostrowski

      Erik Ostrowski
      President, Interim Chief Executive Officer, Chief Financial Officer and Treasurer