Synlogic & Caldera Therapeutics Announce Merger & $278M Private Placement

Synlogic, Inc. and Caldera Therapeutics, Inc. announced a definitive merger agreement to combine in an all-stock transaction. The combined entity will operate as Caldera Therapeutics, focusing on advancing CLD-423, a bispecific antibody for inflammatory bowel disease. Concurrently, Caldera secured an upsized $278 million private placement from institutional investors, which is expected to fund operations through Phase 2 clinical trials and extend the cash runway into 2029. Upon closing, pre-merger Caldera equityholders are expected to own approximately 62.8% of the combined company, Synlogic equityholders 2.3%, and private placement investors 34.9%.