Shares of gene therapy company Avrobio (NASDAQ:AVRO) are on the rise today after it agreed to sell its investigational hematopoietic stem cell (HSC) gene therapy program to Novartis (NYSE:NVS) for a cash consideration of $87.5 million.
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The gene therapy program is for the treatment of cystinosis and AVRO is retaining full rights to its other gene therapies targeted for Pompe disease, Hunter syndrome, and Gaucher disease type 1 and type 3.
Importantly, the move now extends AVRO’s cash runway to the final quarter of 2024 and allows the company to focus on its pipeline strategy.
With today’s price gains, AVRO shares have now gained nearly 106% over the past five sessions alone.
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