Graybug Vision, Inc. and CalciMedica Inc. have announced a merger agreement. Following the merger, the combined company will be headquartered in La Jolla, California. Rachel Leheny, Ph.D., will serve as CEO of the combined company.
Graybug equity holders are expected to collectively own approximately 29% of the combined company, and pre-merger CalciMedica equity holders are expected to collectively own approximately 71% of the combined company. With approximately $35 million in cash and cash equivalents anticipated from the combined company, including a private placement financing expected to occur immediately prior to the merger closing, the combined company is expected to have a cash runway into the second half of 2024.
La Jolla-based CalciMedica’s lead product candidate Auxora is meant to treat life-threatening inflammatory diseases, such as acute pancreatitis, asparaginase-associated pancreatitis, acute kidney injury and acute hypoxemic respiratory failure.
Graybug is a clinical-stage biopharmaceutical company focused on developing medicines for ocular diseases. Founded in 2011 based on technology licensed from the Johns Hopkins University School of Medicine, Graybug has offices in Redwood City, California, and Baltimore.
According to the LevinPro HC database, this was the 127th Biotechnology transaction of 2022. This compares with 105 Biotechnology deals posted between January 1, 2021, and November 28, 2021.
