MergerOct 23, 2026, 10:41 AM
Bolt Biotherapeutics Acquires Prana Therapies, Raises $120M
AI Summary
Bolt Biotherapeutics announced the acquisition of Prana Therapies in a stock-for-stock merger, concurrently raising $120 million in upfront private placement financing with potential for an additional $60 million. The combined entity will prioritize the advancement of Prana's lead program, PRA-216, a bispecific antibody targeting IL-4Rα/TSLP, through Phase 2 development for inflammatory diseases. The transaction is expected to provide sufficient funding into 2028. Sheila Gujrathi, former CEO of Prana, has joined Bolt's executive team as Chief Strategy Officer and the Board of Directors.
Key Highlights
- Bolt Biotherapeutics acquired Prana Therapies in a stock-for-stock merger.
- Bolt secured $120 million in upfront private placement financing, with potential for an additional $60 million.
- The combined company will focus on advancing Prana's PRA-216 program in Phase 2 for inflammatory indications.
- Post-transaction, Prana equity holders will own approximately 51.7% of Bolt, and private placement investors will own approximately 41.4%.
- Sheila Gujrathi, former CEO of Prana, joins Bolt as Chief Strategy Officer and Board member.
- Projected cash runway for the combined company is into 2028.
- Phase 2 data for PRA-216 in asthma, COPD, atopic dermatitis, and EoE are expected between Q2 and Q4 2027.
Price Impact
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