Passage BIO, Inc. [PASG] - / Remix merger
Passage BIO, Inc. has entered into a definitive merger agreement to acquire Remix in a two-step merger structure, with Remix becoming a wholly owned subsidiary of Passage BIO upon completion.
Why this matters
Passage BIO, Inc., a biotechnology company focused on developing gene therapies for rare monogenic central nervous system disorders, has entered into a definitive merger agreement to acquire Remix, a company involved in similar biological product development. The merger will be executed in a two-step structure, resulting in Remix becoming a wholly owned subsidiary of Passage BIO. This strategic move appears to be aimed at consolidating resources and expertise within the gene therapy sector. The transaction involves a concurrent private placement financing, where accredited investors have agreed to purchase pre-funded warrants to acquire shares of Remix common stock, with the purchase price set at approximately $1.386 per share.