Tectonic Announces $185 Million Private Placement
Tectonic Therapeutic (NASDAQ: TECX) has secured a private investment in public equity (PIPE) financing of $185.0 million through the issuance of 3,689,465 shares of common stock. The shares will be priced at $50.00 per share for fund investors and $54.14 per share for company officers and directors.
The PIPE financing attracted both new and existing investors, including notable participants such as Adage Capital Partners LP, Ally Bridge Group, Deep Track Capital, and several other prominent investment firms. The proceeds will be used to fund the clinical development of TX45 and TX2100, discovery platform development, working capital, and general corporate purposes.
The transaction is expected to close on February 5, 2025, subject to customary closing conditions. TD Cowen, Leerink Partners, Piper Sandler, and Wells Fargo Securities served as placement agents for the PIPE.
Tectonic Therapeutic (NASDAQ: TECX) ha ottenuto un finanziamento di private investment in public equity (PIPE) di 185,0 milioni di dollari tramite l'emissione di 3.689.465 azioni ordinarie. Le azioni saranno prezzate a 50,00 dollari per azione per gli investitori del fondo e 54,14 dollari per azione per funzionali aziendali e direttori.
Il finanziamento PIPE ha attratto sia nuovi che attuali investitori, inclusi partecipanti di alto profilo come Adage Capital Partners LP, Ally Bridge Group, Deep Track Capital e diverse altre importanti società di investimento. I proventi saranno utilizzati per finanziare lo sviluppo clinico di TX45 e TX2100, lo sviluppo della piattaforma di scoperta, capitale circolante e scopi aziendali generali.
La transazione dovrebbe chiudersi il 5 febbraio 2025, soggetta a condizioni di chiusura consuete. TD Cowen, Leerink Partners, Piper Sandler e Wells Fargo Securities hanno svolto il ruolo di agenti di collocamento per il PIPE.
Tectonic Therapeutic (NASDAQ: TECX) ha asegurado un financiamiento de private investment in public equity (PIPE) de 185.0 millones de dólares mediante la emisión de 3,689,465 acciones comunes. Las acciones tendrán un precio de 50.00 dólares por acción para los inversores del fondo y 54.14 dólares por acción para los oficiales y directores de la empresa.
El financiamiento PIPE atrajo tanto a nuevos como a inversores existentes, incluyendo participantes destacados como Adage Capital Partners LP, Ally Bridge Group, Deep Track Capital y varias otras firmas de inversión prominentes. Los fondos se utilizarán para financiar el desarrollo clínico de TX45 y TX2100, el desarrollo de la plataforma de descubrimiento, capital de trabajo y propósitos corporativos generales.
Se espera que la transacción se cierre el 5 de febrero de 2025, sujeta a condiciones de cierre habituales. TD Cowen, Leerink Partners, Piper Sandler y Wells Fargo Securities actuaron como agentes de colocación para el PIPE.
테크톤 제약 (NASDAQ: TECX)는 3,689,465 주식의 보통주 발행을 통해 1억 8500만 달러의 공공 주식 투자(private investment in public equity, PIPE) 자금을 확보했습니다. 주가는 펀드 투자자에게는 주당 50.00 달러, 회사 임원 및 이사에게는 주당 54.14 달러로 책정됩니다.
이 PIPE 자금 조달에는 새로운 투자자와 기존 투자자가 모두 참여했으며, Adage Capital Partners LP, Ally Bridge Group, Deep Track Capital 및 몇몇 유명 투자 회사들이 참여했습니다. 자금은 TX45 및 TX2100의 임상 개발, 발굴 플랫폼 개발, 운영 자금 및 일반 기업 목적에 사용될 예정입니다.
이번 거래는 관례적인 마감 조건에 따라 2025년 2월 5일에 마감될 것으로 예상됩니다. TD Cowen, Leerink Partners, Piper Sandler 및 웰스파고 증권이 PIPE에 대한 배치 에이전트로 활동했습니다.
Tectonic Therapeutic (NASDAQ: TECX) a sécurisé un financement de private investment in public equity (PIPE) d’un montant de 185,0 millions de dollars par l’émission de 3 689 465 actions ordinaires. Les actions seront au prix de 50,00 dollars par action pour les investisseurs du fonds et 54,14 dollars par action pour les dirigeants et administrateurs de la société.
Le financement PIPE a attiré à la fois de nouveaux investisseurs et des investisseurs existants, y compris des participants notables tels qu'Adage Capital Partners LP, Ally Bridge Group, Deep Track Capital et plusieurs autres grandes sociétés d'investissement. Les fonds seront utilisés pour financer le développement clinique de TX45 et TX2100, le développement de la plateforme de découverte, le fonds de roulement et des fins générales d'entreprise.
La transaction devrait être conclue le 5 février 2025, sous réserve des conditions de clôture habituelles. TD Cowen, Leerink Partners, Piper Sandler et Wells Fargo Securities ont agi en tant qu'agents de placement pour le PIPE.
Tectonic Therapeutic (NASDAQ: TECX) hat eine Finanzierung durch private investment in public equity (PIPE) in Höhe von 185,0 Millionen Dollar durch die Emission von 3.689.465 Stammaktien gesichert. Der Preis für die Aktien beträgt 50,00 Dollar pro Aktie für Fondsinvestoren und 54,14 Dollar pro Aktie für Unternehmensvertreter und -vorstände.
Die PIPE-Finanzierung zog sowohl neue als auch bestehende Investoren an, darunter namhafte Teilnehmer wie Adage Capital Partners LP, Ally Bridge Group, Deep Track Capital und mehrere andere bedeutende Investmentfirmen. Die Erlöse werden verwendet, um die klinische Entwicklung von TX45 und TX2100, die Entwicklung der Entdeckungsplattform, Betriebskapital und allgemeine Unternehmenszwecke zu finanzieren.
Die Transaktion wird voraussichtlich am 5. Februar 2025 abgeschlossen, vorbehaltlich üblicher Abschlussbedingungen. TD Cowen, Leerink Partners, Piper Sandler und Wells Fargo Securities fungierten als Platzierungsagenten für die PIPE.
- Secured substantial funding of $185.0 million through PIPE financing
- Strong investor interest from multiple prominent investment firms
- Premium share pricing for insider purchases at $54.14 vs $50.00 for fund investors
- Clear allocation of funds for clinical development programs and platform development
- Potential dilution of existing shareholders due to issuance of 3,689,465 new shares
- Shares issued at private placement are restricted and not immediately tradeable
Insights
This $185 million PIPE financing represents a remarkably strong deal for Tectonic Therapeutic, with several noteworthy aspects that signal robust institutional confidence. The $50.00 per share pricing represents only a
The investor syndicate is particularly impressive, featuring premier healthcare-focused funds like EcoR1 Capital, Farallon Capital and Deep Track Capital. These sophisticated investors typically conduct extensive due diligence and their participation validates Tectonic's G-protein coupled receptor (GPCR) platform technology. The presence of a major mutual fund suggests potential mainstream institutional interest, which could improve trading liquidity and stability.
With a current market cap of
WATERTOWN, Mass., Feb. 03, 2025 (GLOBE NEWSWIRE) -- Tectonic Therapeutic, Inc. (NASDAQ: TECX) (“Tectonic”), today announced that it has entered into a securities purchase agreement for a private investment in public equity financing (the “PIPE”) that is expected to result in gross proceeds of approximately
Pursuant to the terms of the securities purchase agreement, at the closing of the PIPE, Tectonic will issue an aggregate of 3,689,465 shares of common stock at a price of
The PIPE financing included participation from new and existing investors, including Adage Capital Partners LP, Ally Bridge Group, Deep Track Capital, EcoR1 Capital, funds managed by Farallon Capital Management, L.L.C., Soleus Capital, StemPoint Capital LP, TAS Partners, Woodline Partners LP, a major mutual fund, a life-sciences focused institutional investor and other investors.
“We are excited to announce this significant financing,” said Alise Reicin, M.D, Chief Executive Officer of Tectonic. “The additional capital will help us further advance our discovery and development of therapeutic proteins and antibodies that modulate the activity of G-protein coupled receptors.”
TD Cowen, Leerink Partners, Piper Sandler and Wells Fargo Securities acted as placement agents for the PIPE.
Tectonic expects to use net proceeds from the PIPE to fund the clinical development of TX45, clinical development of TX2100, discovery platform development as well as for working capital and other general corporate purposes. The PIPE is expected to close on February 5, 2025, subject to the satisfaction of customary closing conditions.
The offer and sale of the shares of common stock to be sold in the PIPE are being made in a transaction not involving a public offering, and the shares have not been registered under the Securities Act of 1933, as amended (the Securities Act), or any applicable state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act and such applicable state securities laws. Tectonic has agreed to register the resale of the shares of common stock to be issued in the PIPE with the Securities and Exchange Commission.
This press release shall not constitute an offer to sell, or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Tectonic
Tectonic is a biotechnology company focused on the discovery and development of therapeutic proteins and antibodies that modulate the activity of G-protein coupled receptors (“GPCRs”). Leveraging its proprietary technology platform called GEODe™ (GPCRs Engineered for Optimal Discovery), Tectonic is focused on developing biologic medicines that overcome the existing challenges of GPCR-targeted drug discovery and harness the human body to modify the course of disease. Tectonic focuses on areas of significant unmet medical need, often where therapeutic options are poor or nonexistent, as these are areas where new medicines have the potential to improve patient quality of life. Tectonic is headquartered in Watertown, Massachusetts. For more information, please visit www.tectonictx.com and follow on LinkedIn.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. All statements in this press release other than statements of historical facts are “forward-looking statements. These statements may be identified by words such as “aims,” “anticipates,” “believes,” “could,” “estimates,” “expects,” “forecasts,” “goal,” “intends,” “may,” “plans,” “possible,” “potential,” “seeks,” “will” and variations of these words or similar expressions that are intended to identify forward-looking statements, although not all forward-looking statements contain these words. Forward-looking statements in this press release include statements regarding: the timing, size and completion of the PIPE and the anticipated use of proceeds from the PIPE. These forward-looking statements are based on Tectonic’s expectations and assumptions as of the date of this press release. Each of these forward-looking statements involves risks and uncertainties that could cause Tectonic’s clinical development programs, future results or performance to differ materially from those expressed or implied by the forward-looking statements. Many factors may cause differences between current expectations and actual results, including: the potential that success in preclinical testing and earlier clinical trials does not ensure that later clinical trials will generate the same results or otherwise provide adequate data to demonstrate the efficacy and safety of a product candidate; the impacts of macroeconomic conditions, heightened inflation and uncertain credit and financial markets, on Tectonic’s business, clinical trials and financial position; unexpected safety or efficacy data observed during preclinical studies or clinical trials; clinical trial site activation or enrollment rates that are lower than expected; Tectonic’s ability to realize the benefits of its collaborations and license agreements; changes in expected or existing competition; changes in the regulatory environment; the uncertainties and timing of the regulatory approval process; and unexpected litigation or other disputes. Other factors that may cause Tectonic’s actual results to differ from those expressed or implied in the forward-looking statements in this press release are identified under the heading “Risk Factors” in Tectonic’s quarterly report on Form 10-Q filed with the SEC on November 12, 2024, and in other filings that Tectonic makes and will make with the SEC in the future. Tectonic expressly disclaims any obligation to update any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise, except as otherwise required by law.
FAQ
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