Mergers & Acquisitions ·
Bolt Biotherapeutics acquires Prana Therapies in stock deal and raises $120M PIPE
BOLTBolt Biotherapeutics, Inc.
Bolt Biotherapeutics completed its acquisition of Prana Therapies via a reverse merger, issuing 430,746 shares of common stock and 16,360.929 shares of Series D convertible preferred stock to former Prana shareholders. Concurrently, Bolt raised $120 million in gross proceeds through the private placement of Series D preferred stock and warrants, with potential for an additional $60 million upon warrant exercise. Dr. Sheila Gujrathi, Prana's co-founder and former CEO, joined Bolt's board as a Class II director and was appointed Chief Strategy Officer. The combined company will advance PRA-216, a bispecific antibody in Phase 2 development for inflammatory diseases. Bolt Biotherapeutics is a clinical-stage biotechnology company developing multispecific antibodies.