AVROBIO (NASDAQ:AVRO) stock is seeing massive gains on Monday as the company sells one of its gene therapies to Novartis (NYSE:NVS).
This deal has Novartis agreeing to pay $87.5 million in cash to AVROBIO for an investigational hematopoietic stem cell (HSC) gene therapy program. This is specifically focused on treating cystinosis, which causes an amino acid called cystine to accumulate in a patient’s cells.
The deal also has AVROBIO selling other certain things related to its cystinosis treatment. That includes knowledge, service, and other intellectual property related to the cystinosis treatment platform.
With this news, AVROBIO has gained additional cash that will allow it to continue operations. The company says the Novartis gives it enough cash runaway to keep going until the fourth quarter of 2024.
AVRO Stock Movement On Monday
Investors in AVRO stock are celebrating the sale news today by buying more of the company’s shares. This has resulted in heavy trading of AVRO this morning. As of this writing, some 66 million shares of the stock have changed hands. That’s well above its daily average trading volume of about 608,000 shares.
AVRO stock is rising 83.1% as of Monday morning and is up 85% year-to-date.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.