- Caladrius Biosciences Inc (NASDAQ:CLBS) and privately-held Cend Therapeutics Inc have agreed to merge in an all-stock approximate "merger of equals" transaction approved by the Boards of Directors of each company.
- The transaction values each company at $90 million, which for Caladrius represents a 136% premium to its market cap on April 26.
- Following closing, the combined company will be renamed Lisata Therapeutics Inc and trade on the Nasdaq under the ticker symbol LSTA.
- The merger is currently expected to close in the third quarter of 2022.
- Following the merger's closing, Lisata is expected to advance CEND-1 as its lead product candidate in a variety of difficult to treat solid tumor applications, including pancreatic ductal adenocarcinoma (PDAC).
- CEND-1 is being evaluated in ongoing Phase 1 and Phase 2 clinical studies with Cend and its partner in China, Qilu Pharmaceutical.
- Additional Phase 1b/2 PDAC clinical data is expected as early as 2023.
- Lisata also plans to initiate an additional trial in PDAC in combination with immunotherapy and a trial(s) exploring applications of CEND-1 in other difficult to treat solid tumors, such as hepatocellular, gastric, and breast cancers, with additional therapeutic combinations.
- Under the terms of the definitive merger agreement, David Mazzo, current President and CEO of Caladrius, will be the Chief Executive Officer of Lisata.
- David Slack, the current President & CEO of Cend, will be Lisata's President and Chief Business Officer.
- Kristen K. Buck, MD, current Executive Vice President of R&D and Chief Medical Officer, will continue in those roles with Lisata.
- Upon closing, shareholders of Cend will receive approximately 60.5 million shares of Caladrius common stock, resulting in the shareholders of each company owning about 50% of the combined company.
- Price Action: CLBS shares are down 1.48% at $0.62 during the market session on the last check Wednesday.
