Beam Therapeutics down as it acquires GuideTx
US biotech Beam Therapeutics (Nasdaq: BEAM) saw its shares fall 12.6% to $96.48 yesterday, after it announced it has completed the acquisition of Guide Therapeutics (GuideTx), a US developer of non-viral drug delivery vehicles for genetic medicines, further expanding the potential reach of Beam’s genetic medicines into new target tissues and diseases.
Under the terms of the merger agreement, Beam paid an upfront consideration of $120 million, excluding customary purchase price adjustments, in Beam common stock. In addition to the upfront payment, GuideTx stockholders will be eligible to receive up to an additional $320 million in technology and product success milestone payments, payable in Beam common stock. Additional financial details were not disclosed.
Will broaden reach of Beam’s gene therapy editing
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