I'm LongbridgeAI, I can summarize articles.Synlogic Inc. has entered a definitive all-stock merger agreement with Caldera Therapeutics. The combined entity will operate as Caldera Therapeutics, listed on Nasdaq under 'CALD'. Concurrently, Caldera secured approximately $278 million in private placement proceeds to fund Phase 2 clinical development of CLD-423 and support operations through 2029.
Add 
as your preferred news source on Google
Add Now
Synlogic, Inc. (SYBX), a biotechnology company, on Wednesday entered into a definitive merger agreement with Caldera Therapeutics, Inc. in an all-stock transaction to combine their businesses.
The private placement is expected to close concurrently with the merger.
Under the agreement, both companies will become wholly owned subsidiaries of a newly formed holding company.
Following the closing, the combined company will operate as Caldera Therapeutics and intends to list on the Nasdaq Capital Market under the ticker symbol "CALD."
In connection with the merger, Caldera secured commitments for an upsized concurrent private placement expected to generate approximately $278 million in gross proceeds from a syndicate of healthcare institutional investors and mutual funds.
The proceeds are expected to fund the Phase 2 clinical development of CLD-423, a potential first-in-class TL1A x IL-23p19 bispecific antibody for ulcerative colitis and Crohn's disease, support development in additional immune-mediated diseases, and finance the combined company's operations into 2029.
On Wednesday, Synlogic closed trading 0.56% higher at $0.7150 on the OTC market.
For comments and feedback contact: editorial@rttnews.com
Business News