Tectonic Therapeutic announces $185M private placement

Tectonic Therapeutic (TECX) announced that it has entered into a securities purchase agreement for a private investment in public equity financing that is expected to result in gross proceeds of approximately $185M. 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 $50.00 per share to fund investors and $54.14 per share to individual investors that are either an officer or director of Tectonic. 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, subject to the satisfaction of customary closing conditions.