GlycoMimetics soars on news of M&A deal with Crescent Biopharma
Maryland, USA–based glycobiology specialist GlycoMimetics (Nasdaq: GLYC) has entered into an acquisition agreement with Crescent Biopharma, a privately held biotechnology company advancing a pipeline of oncology therapeutics designed to treat solid tumors.
Upon completion of the transaction, GlycoMimetics - whose shares leapt 191% to $0.49 on the news - plans to operate under the name Crescent Biopharma Inc.
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 a number of other companies, has committed $200 million to purchase GlycoMimetics common stock and GlycoMimetics pre-funded warrants to purchase its common stock.
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