Biopharma Transcript

Sign-and-close reverse mergers in 2026

9 private drug developers have gone public in 2026 by merging into a listed company and closing the deal the day it was signed (or the next day), raising $1.4 billion in concurrent private placements as of Oct 29, 2026. In 2025, we found one.

How a sign-and-close works

The private company merges into a Nasdaq-listed company and the deal closes the same day. Its owners take a small amount of common stock (under 20%) and mostly non-voting convertible preferred stock, which converts after the stockholders approve it at a later meeting. New investors buy preferred stock in a private placement at the same time, so the combined company is funded from day one. A traditional reverse merger instead waits months for a stockholder vote before it closes.

The 2026 deals

  1. Feb 17, 2026
    Faeth Therapeutics into Sensei Biotherapeutics FTH
    PIKTOR (serabelisib + sapanisertib) in endometrial and breast cancer
    $200 million private placement
    Investors named: B Group Capital, Balyasny Asset Management, Columbia Threadneedle Investments, Cormorant Asset Management, Fairmount, Logos Capital, RA Capital Management, Vivo Capital and others.Concurrent with the acquisition, Sensei entered into a definitive agreement for the sale of Series B non-voting convertible preferred stock in a private placement financing, which is expected to result in gross proceeds to Sensei of approximately $200 million before deducting placement agent and other offering expenses.
    Source: 8-K
  2. May 18, 2026
    Orphai Therapeutics into Quince Therapeutics IRLA
    LAM-001 (inhaled rapamycin) in pulmonary hypertension in ILD and lung transplant
    $115 million private placement led by Balyasny Asset Management
    Up to $187 million including warrants exercisable after a Phase 2 readout.
    Investors named: Affinity Asset Advisors, Coastlands Capital, Columbia Threadneedle Investments, Cormorant Asset Management, Eventide Asset Management, Foresite Capital, Janus Henderson Investors, LifeSci Venture Partners, Logos Capital, Perceptive Advisors, SilverArc Capital, Woodline Partners and others.
    Source: 8-K
  3. Jun 11, 2026
    Azora Therapeutics into Adial Pharmaceuticals AZR
    AT177 (colon-targeted AhR agonist) in ulcerative colitis
    $32 million private placement led by Coastlands Capital
    Includes $5.5 million of converted notes; up to $64 million with a milestone tranche.
    Investors named: Boxer Capital Management, Stonepine Capital Management, AuGC BioFund and others.
    Source: 8-K
  4. Jul 16, 2026
    Kira Pharmaceuticals into Jasper Therapeutics JSPR
    KP-104 (complement inhibitor) in PNH and rare kidney disease
    $132 million private placement led by Affinity Asset Advisors and Ikarian Capital
    Investors named: Columbia Threadneedle Investments, Sirenia Capital Management, Brahma Capital, Balyasny Asset Management, SilverArc Capital, Squadron Capital Management, Nazare Partners, Mirador Therapeutics and others.Concurrently with the acquisition of Kira, Jasper entered into a securities purchase agreement pursuant to which Jasper agreed to sell approximately 4.7 million shares of Preferred Stock for an aggregate purchase price of approximately $132 million.
    Source: 8-K
  5. Jul 28, 2026
    Vidya Therapeutics into Processa Pharmaceuticals PCSA
    VT-7208 (CNS-penetrant BTK inhibitor) in food allergy, CSU and MS
    $200 million private placement
    Investors named: Bain Capital Life Sciences, Janus Henderson Investors, RA Capital Management, SilverArc Capital, ADAR1 Capital Management, Cormorant Asset Management, Integral Health Asset Management, Marshall Wace, Octagon Capital, Soleus Capital and others.Concurrent with the acquisition, Processa entered into a definitive agreement for a private placement financing expected to result in gross proceeds of approximately $200 million, before deducting placement agent and other offering expenses,
    Source: 8-K
  6. Aug 5, 2026
    Cy Biopharma into Ensysce Biosciences ENSC
    CY-200 in complex regional pain syndrome
    $21.5 million private placement led by Ally Bridge Group
    Upfront tranche; a second tranche depends on a clinical milestone.
    Investors named: Perceptive Advisors, Dellora Investments, Ikarian Capital, Adage Capital Partners.
    Source: 8-K
  7. Sep 17, 2026
    Marea Therapeutics into Lisata Therapeutics LSTA
    MAR001 (anti-ANGPTL4) in severe hypertriglyceridemia
    $225 million private placement
    Investors named: RA Capital Management, Forbion, Third Rock Ventures, Alpha Wave, Perceptive Advisors, Sofinnova Investments, Omega Funds, Surveyor Capital (a Citadel company), Columbia Threadneedle Investments, Nantahala Capital, Affinity Asset Advisors, venBio, Rock Springs Capital and others.Concurrent with the acquisition, Lisata entered into a definitive purchase agreement for the sale of Series C non-voting convertible preferred stock in a private placement financing, which is expected to result in gross proceeds to Lisata of approximately $225 million before deducting placement agent and other offering expenses.
    Source: 8-K
  8. Oct 13, 2026
    Velaris Therapeutics into Alaunos Therapeutics TCRT
    VLR199 (ActRIIA-Fc ligand trap) in pulmonary hypertension
    $350 million private placement led by Fairmount
    Fairmount-affiliated funds bought about $100 million of the $350 million.
    Investors named: Venrock Healthcare Capital Partners, T. Rowe Price, Wellington Management, Janus Henderson Investors, Access Biotechnology, BB Biotech, Perceptive Advisors, Sirenia Capital Management, ADAR1 Capital Management and others.The private placement resulted in gross proceeds to Alaunos of approximately $350 million
    Source: 8-K
  9. Oct 23, 2026
    Prana Therapies into Bolt Biotherapeutics BOLT
    PRA-216 in inflammatory diseases
    $120 million private placement
    Up to $180 million with warrants; the financing was expected to close Oct 26, 2026.
    Investors named: Deep Track Capital, ADAR1 Capital, Andreessen Horowitz (a16z), LYFE Capital, Coastlands Capital, Eventide Asset Management, Casdin Capital, Curie.Bio, SilverArc Capital, Soleus Capital, Deviation Capital and others.
    Source: 8-K

Investors in three or more of these deals

Counted from the investors each company named in its filing; most releases add "other institutional investors" who are not named.

2025

  1. Nov 10, 2025
    Damora Therapeutics into Galecto
    $285 million private placement

Not counted

Private placement amounts are the gross proceeds at closing as each company's 8-K states them; milestone tranches and warrants are not included. Deals by companies outside drug development are not counted.