Cyclerion Therapeutics, Inc. (NASDAQ: CYCN) and Korsana Biosciences, Inc. have signed a definitive merger agreement for an all-stock transaction. The combined company will operate as Korsana Biosciences, Inc. and is expected to trade on Nasdaq under the ticker KRSA after the deal closes.
Korsana has secured commitments for an oversubscribed private investment expected to generate total gross proceeds of about $380 million. The financing is expected to close immediately before completion of the merger.
At closing, the combined company’s cash and cash equivalents balance will be determined in connection with the transaction.
Jonathan Violin, Ph.D., Korsana’s president and chief executive officer, said Korsana is positioned to advance a pipeline of next-generation therapies for patients with neurodegenerative disorders, supported by its team and biotechnology investors.
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