Synlogic to merge with Caldera Therapeutics in all-stock deal; concurrent $278 million private placement

Synlogic Inc. and Caldera Therapeutics Inc. have entered into a definitive merger agreement to combine in an all-stock transaction, with the combined company operating under the Caldera name and planning to trade on Nasdaq under ticker symbol CALD. Caldera is a clinical-stage biopharmaceutical company developing CLD-423, a bispecific antibody targeting TL1A and IL-23p19 pathways for inflammatory bowel disease and other immune-mediated diseases. The merger is supported by a concurrent private placement generating approximately $278 million from institutional investors including Bain Capital Life Sciences, Atlas Venture, Wellington Management, and others. The combined company expects the financing and existing cash to fund operations into 2029, with proceeds supporting Phase 2 development of CLD-423 in ulcerative colitis and Crohn's disease.