Munger, Tolles & Olson represented Avalanche Biotechnologies, Inc. (“Avalanche”) (AAVL), a gene therapy company, in a definitive agreement for the acquisition of all outstanding shares of Annapurna Therapeutics SAS, a privately held biopharmaceutical company, by Avalanche in exchange for approximately 17.6 million newly issued shares of Avalanche common stock. The deal was announced Feb. 1, 2016.
According to the company’s announcement, upon completion of the acquisition, existing Avalanche shareholders will own 62.5% of the combined company and Annapurna shareholders will own 37.5% of the combined company (calculated on a treasury method basis). The combined company’s common stock will continue to trade on NASDAQ Global Market under the symbol “AAVL” and it will be headquartered in Menlo Park, California.
Both companies are in the gene therapy space and noted the synergies that the combination will enhance.
“This transaction creates the opportunity to build a leading gene therapy company with an extensive pipeline and significant scientific, financial and human resources,” Paul B. Cleveland, Avalanche’s president and chief executive officer, said.
The Munger Tolles team representing Avalanche included Kevin S. Masuda, Katherine H. Ku, Stephen D. Rose, Joon S. Hur, Adam J. Gottesfeld, Tim Moon and Peter E. Boos.