Passage Bio to Merge with Remix Therapeutics, Secure $100M Financing; Shareholders to Own 7%
PASG sits 49% above its 52-week low of $3.935.
Summary
Passage Bio has announced a definitive merger agreement with private company Remix Therapeutics, effectively resolving its previously disclosed 'going concern' warning and strategic alternatives review. The combined entity, which will operate as Remix Therapeutics, will be funded by a concurrent oversubscribed $100 million private placement, providing operational runway into 2028. Passage Bio shareholders are expected to own approximately 7% of the combined company and will receive a Contingent Value Right (CVR) for potential proceeds from out-licensed assets. This transaction provides a new pipeline focused on RNA processing therapies, led by REM-422, and a path forward for the struggling company. Clinical readouts for REM-422 are anticipated in 2027.
At the time of this announcement, PASG was trading at $5.88 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $18.9M. The 52-week trading range was $3.94 to $20.00. This news item was assessed with positive market sentiment and an importance score of 9 out of 10. Source: GlobeNewswire.