GlycoMimetics' (GLYC) shares climbed by more than 125% early Tuesday after saying it has agreed to be acquired by Crescent Biopharma, a privately held biotechnology company advancing a pipeline of oncology therapeutics.
Under the deal, a syndicate of investors has committed $200 million to buy GlycoMimetics common stock and pre-funded warrants, the company said.
The transaction is expected to close in the second quarter of 2025, after which GlycoMimetics will operate under the name Crescent Biopharma, the company said.
GlycoMimetics stockholders are expected to own about 3.1% of the combined company, with the pre-acquisition Crescent shareholders owning the rest, GlycoMimetics said.
Price: 0.3842, Change: +0.22, Percent Change: +128.42
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