Avalanche Biotechnologies and Annapurna Therapeutics Announce Proposed Merger

Avalanche Biotechnologies, Inc. (“Avalanche”) (AAVL) and Annapurna Therapeutics SAS (“Annapurna”), a privately held biopharmaceutical company, today announced that they have entered into a definitive agreement providing for the acquisition of all outstanding shares of Annapurna by Avalanche in exchange for approximately 17.6 million newly issued shares of Avalanche common stock.  Upon completion of the proposed acquisition, the combined company’s pipeline will consist of Avalanche’s existing ophthalmic programs and four new gene therapy based programs, which are focused on Alpha1-antitrypsin (A1AT) deficiency, cardiomyopathy associated with Friedreich’s ataxia, hereditary angioedema and severe allergies.

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