Mergers & Acquisitions ·
Pelthos Therapeutics agrees to acquire Castle Creek Biosciences for 5.2M shares plus up to $300M in milestones
PTHSPelthos Therapeutics Inc.
Pelthos Therapeutics Inc. entered into a definitive merger agreement to acquire Castle Creek Biosciences, Inc., combining its commercial dermatology portfolio with Castle Creek's late-stage gene therapy candidate D-Fi for dystrophic epidermolysis bullosa. Castle Creek stockholders will receive 5,200,000 shares of Pelthos common stock, representing approximately 32.5% of the combined company on a fully diluted basis, excluding contingent consideration. Additional potential value includes up to 5,800,000 shares upon FDA approval of D-Fi and milestone payments totaling $300 million based on clinical and sales achievements. The transaction is supported by a concurrent $57.5 million PIPE financing and an amended venture loan facility. Pelthos Therapeutics Inc. operates as a commercial-stage biopharmaceutical company focused on cutaneous infectious disease products.