AVROBIO, a clinical-stage gene therapy company, has agreed to sell its investigational hematopoietic stem cell (HSC) gene therapy program for the treatment of cystinosis to Novartis for $87.5 million in cash.
AVROBIO retains full rights to its portfolio of first-in-class HSC gene therapies for Gaucher disease type 1 and type 3, Hunter syndrome and Pompe disease.
Proceeds from this transaction are expected to extend the company’s cash runway into the fourth quarter of 2024.
“This transaction strengthens AVROBIO’s balance sheet, focuses our pipeline strategy and is a strong endorsement of our HSC gene therapy approach and plato® gene therapy platform,” said Erik Ostrowski, AVROBIO’s interim CEO and current CFO.
