On December 5, 2022, Solid Biosciences Inc. (Nasdaq: SLDB), a life sciences company focused on advancing meaningful therapies for Duchenne muscular dystrophy (Duchenne), announced the closing of its acquisition of AavantiBio, Inc., a privately held gene therapy company focused on transforming the lives of patients with Friedreich’s ataxia and rare cardiomyopathies, including its pipeline assets and net cash. The combined company will focus on advancing a portfolio of neuromuscular and cardiac programs, including SGT-003, a differentiated gene transfer candidate, for the treatment of Duchenne, AVB-202, a gene transfer candidate for the treatment of Friedreich’s ataxia, AVB-401 for BAG3 mediated dilated cardiomyopathy, and additional assets for the treatment of undisclosed cardiac diseases.
Concurrent with the closing of the merger, Solid closed a $75 million private placement with a select group of institutional investors and accredited investors. The private placement was led by existing investors Perceptive Advisors, LLC, RA Capital Management and Bain Capital Life Sciences, and other new and existing investors participating in the private placement included CaaS Capital Management, Invus, Laurion Capital Management and Pura Vida Investments.
WilmerHale is representing Solid in the deal, with a team led by partners Chris Barnstable-Brown and Caroline Dotolo, which also included counsel Andrea Sorrentino, senior associates Sarah Matchett and Riley O'Brien, and associates Michaela Rosen and Chris Gravallese, and partners Kim Wethly, Julie Hogan Rodgers, Colleen Superko, and Amy Null attorney Julie Murphy, senior associates Elese Hanson and Ben Kelsey, and associates Gavin Tullis and Mickey Lenzi on equity compensation, tax, employee benefits, intellectual property, and employment matters.