GlycoMimetics (NASDAQ: GLYC), a Rockville, MD-based late clinical-stage biotechnology company discovering and developing glycobiology-based therapies for cancers, acquired Crescent Biopharma, Inc., a biotechnology company advancing a pipeline of oncology therapeutics designed to treat solid tumors.
In support of the acquisition, a syndicate of investors led by Fairmount, Venrock Healthcare Capital Partners, BVF Partners, and a large investment management firm, with participation from Paradigm BioCapital, RTW Investments, Blackstone Multi-Asset Investing, Frazier Life Sciences, Commodore Capital, Perceptive Advisers, Deep Track Capital, Boxer Capital Management, Soleus, Logos Capital, Driehaus Capital Management, Braidwell LP, and Wellington Management, has committed $200m to purchase GlycoMimetics common stock and GlycoMimetics pre-funded warrants to purchase its common stock. The transaction is expected to close in the second quarter of 2025. The financing is expected to close immediately following the completion of the transaction.
The combined company will advance Crescent’s portfolio of precision-engineered biologics to improve outcomes for patients with solid tumors. The company will be named Crescent Biopharma, Inc. and be led by Jonathan Violin, Ph.D., Crescent’s interim Chief Executive Officer, who will be joined on Crescent’s Board of Directors by Peter Harwin, Managing Member of Fairmount.
Led by Jonathan Violin, interim CEO, Crescent Biopharma is a biotechnology company dedicated to advancing novel precision engineered molecules targeting validated biology to advance care for patients with solid tumors. The company’s pipeline of three programs harnesses proven biology to accelerate the path to market for potentially best in class therapeutics.
Crescent’s lead program CR-001, a tetravalent PD-1 x VEGF bispecific antibody incorporating the cooperative binding mechanism underpinning recent immuno-oncology breakthrough, expected to have preliminary proof of concept data in 2H26.
The company’s pipeline also includes two novel antibody-drug conjugates with topoisomerase inhibitor payloads, CR-002 and CR-003.
Crescent is the fifth company to launch with assets discovered and developed by Paragon Therapeutics.
Led by Harout Semerjian, CEO, GlycoMimetics is a late clinical-stage biotechnology company discovering and developing glycobiology-based therapies for cancers, including AML, and for inflammatory diseases. Its scientific approach is based on an understanding of the role that carbohydrates play in cell recognition and its specialized chemistry platform can be used to discover small molecule drugs, known as glycomimetics, that alter carbohydrate-mediated recognition in diverse disease states, including cancers and inflammation.
FinSMEs
30/10/2024