Caldera Therapeutics has agreed to a reverse merger with Synlogic (OTC:
SYBX) to create a publicly traded Nasdaq company under the ticker CALD.
The deal includes an upsized $278 million PIPE financing that, combined with Synlogic’s cash, will fund operations into 2029 and support Phase II trials of CLD‑423 in ulcerative colitis and Crohn’s disease.
Pre‑merger Caldera shareholders will own about 62.8% of the combined company, Synlogic shareholders about 2.3%, and PIPE investors about 34.9%; closure is expected by early 2027 subject to approvals and customary conditions.
Caldera, a relatively new venture‑backed biotech, is using this reverse‑merger route to quickly access public markets and advance its TL1A × IL‑23p19 bispecific antibody pipeline.
Sources:
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