Avalanche is a biotechnology company focused on the development of novel gene therapies for ophthalmic disorders. The Company's pipeline consists of three assets, intended for Wet AMD, Color Vision Deficiency and XLRS. Annapurna is a privately held biotechnology company focused on developing gene therapies. 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. Per the Company’s press release, Avalanche had approximately $258 million in cash as of December 31, 2015, which the Company has indicated is sufficient to fund the combined company’s programs for at least the next 36 months. Upon completion of the proposed 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 stock method basis). The surviving company’s common stock will continue to trade on NASDAQ Global Market under the symbol “AAVL.” The proposed merger has been approved unanimously by the Boards of Directors of both companies and is expected to close in the second quarter of 2016, subject to approval by Avalanche stockholders of the issuance of Avalanche common stock and other customary closing conditions.