Solid Bio hopes to fortify itself after fusing with AavantiBio, but not before axing its lead asset

Solid Bio hopes to fortify itself after fusing with AavantiBio, but not before axing its lead asset

Source: 
Fierce Biotech
snippet: 


The company is acquiring fellow gene therapy biotech AavantiBio, fusing together the companies' pipelines and leadership teams, according to an announcement Friday. At the same time, Solid has elected to sell nearly 160 million shares at yesterday's market closing price of 47 cents apiece, generating $75 million in new financing. Aavanti's CEO Bo Cumbo will move across to head up Solid following the acquisition.