AVROBIO (AVRO) exploring potential sale after Novartis interest - source

February 8, 2023 12:42 PM EST

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AVROBIO Inc. (NASDAQ: AVRO) is exploring a potential sale of the company after being approached by Novartis (NYSE: NVS) about a takeover at a price said to be more than quadruple the current market price, according to a source. AVROBIO is said to be working with bankers at Cowen and Wells Fargo.

AVROBIO is a company aiming to bring personalized gene therapy to the world. The company is running clinical programs for Gaucher disease and cystinosis, as well as preclinical programs for Hunter syndrome and Pompe disease.

Novartis said it doesn't comment on market rumors or speculation. AVROBIO hasn't responded to a request to comment on the rumor.

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