NVS - Avrobio completes sale of gene therapy program to Novartis for $87.5M

2023-06-12 11:00:58 ET

Avrobio ( NASDAQ: AVRO ) said it has completed the sale of its gene therapy program for the treatment of cystinosis to Novartis ( NYSE: NVS ) for $87.5M in cash, which should extend the biotech company's cash runway into Q4 2024.

The sale was for Avrobio's investigational hematopoietic stem cell, or HSC, gene therapy program for cystinosis. The biotech retains full rights to HSC gene therapies for Gaucher disease type 1 and type 3, Hunter syndrome and Pompe disease.

The companies first announced the deal in May.

More on Avrobio:

AVROBIO Announces Agreement to Sell Cystinosis Gene Therapy Program for $87.5 Million

AVROBIO Announces Positive Data from Phase 1/2 Clinical Trial of Investigational Gene Therapy for Cystinosis at the ASGCT 26th Annual Meeting

AVROBIO Reports First Quarter 2023 Financial Results and Provides Business Update

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