Private biotechnology companies Caldera Therapeutics and Vidya Therapeutics are moving toward the public markets through separate reverse merger deals with Nasdaq-listed companies, collectively raising $478 million in new financing. The transactions were announced on July 29.
Caldera Therapeutics, a U.S.-based company focused on bispecific antibodies, has agreed to a reverse merger with Synlogic. Caldera will use Synlogic’s corporate structure to access the public market. After Synlogic’s rare metabolic disorder candidate failed a Phase 3 trial in 2024, the company reduced its workforce and began seeking strategic alternatives. Caldera will go public supported by institutional investors including Bain Capital Life Sciences, TCGX, Atlas Venture, venBio Partners, and Blackstone Multi-Asset Investing. These investors have committed $278 million in private placement alongside the merger.
Following completion of the transaction, investors from the private placement will own 34.9% of the new entity; existing Caldera backers will hold 62.8%; and Synlogic shareholders will retain a 2.3% stake. The combined funds are intended to support development of CLD-423, an investigational bispecific antibody acquired from Qyuns Therapeutics for potential treatment of inflammatory bowel disease and other immune-mediated diseases. CLD-423 is currently being evaluated in a Phase 1 study.
Synlogic is expected to have $6 million in cash at closing and be valued at $18 million; Caldera’s valuation stands at $500 million, according to documents filed with the Securities and Exchange Commission.
Vidya Therapeutics is being acquired by Processa Pharmaceuticals, another Nasdaq-listed firm based in Florida. Vidya was formed in 2023 as a small-molecule drug developer. The combined organization plans continued development of VT-7208—a once-daily oral Bruton’s tyrosine kinase inhibitor—targeting food allergy, chronic spontaneous urticaria, and relapsing multiple sclerosis.
Processa has raised $200 million through private placement financing from investors including Bain Capital Life Sciences, RA Capital Management, and Cormorant Asset Management, among others. Upon deal closure, Processa is expected to own 0.9% of common stock; Vidya equity holders will have a 46% stake; private placement investors are projected to hold approximately 52.6%. Following this transaction, Processa expects its cash runway will extend into late 2029.
