Yumanity Therapeutics will take over Nasdaq-listed Proteostasis in a reverse merger after raising more than $100m from investors including Biogen, Merck & Co, Pfizer and Sanofi.
Yumanity Therapeutics, a US-based neurodegenerative disease treatment developer backed by corporates Biogen, Merck & Co, Pfizer and Sanofi, agreed to a reverse merger with Proteostasis Therapeutics on Monday.
Proteostasis is a cystic fibrosis treatment developer that floated on Nasdaq in 2016 through a $50m initial public offering after more than $127m in equity funding from investors including pharmaceutical firms Novartis, Perrigo and Sanofi. Its market capitalisation stood at $72m this morning.
Proteostasis will rebrand to Yumanity Therapeutics upon completion…
