News wrap: Equillium axes Metacrine merger; Two pharmas pen ADC deals
Immunobiology biotech Equillium announced a “mutual termination” of an anticipated merger with Rich Heyman-chaired Metacrine a little over three months after the initial announcement of the all-stock agreement.
According to SEC filings, neither Equillium nor Metacrine will pay a termination fee.
Equillium CEO Bruce Steel said in a statement on Dec. 23 that Equillium started looking into acquiring Metacrine in early 2022 in an attempt to add cash runway “in a very difficult financing market.” Back in September, the companies announced that a merger would add $33 million to Equillium’s balance sheet and extend the runway through 2024. But the company has since found a different partner in Ono Pharmaceutical.
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