Sol­id Bio gets a new CEO, $75M cash and drops lead drug as big in­vestors ju­ry-rig a merg­er deal

Three months af­ter End­points News broke the sto­ry that gene ther­a­py out­fit Aa­van­tiBio had gut­ted its CMC group in a re­or­ga­ni­za­tion, the biotech’s CEO has helped en­gi­neer a merg­er with strug­gling pen­ny stock play­er Sol­id Bio. And he’s go­ing to re­main in charge of the com­bined op­er­a­tion, as Sol­id founder Ilan Gan­ot steps aside.

The merg­er news this morn­ing fea­tures some high-pro­file in­vestors.

Per­cep­tive Ad­vi­sors, RA Cap­i­tal Man­age­ment and Bain Cap­i­tal Life Sci­ences are lead­ing a $75 mil­lion raise to add to the pool of cash Sol­id will have af­ter the tie-up. That will leave Sol­id $215 mil­lion in cash as Bain’s Adam Kop­pel jumps on the board — enough to pay for ops and get through some key da­ta mile­stones on their way in­to 2025.

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