Pharma BD Deal Intelligence
Bolt Biotherapeutics acquired Prana Therapies in a stock-for-stock reverse merger under an Agreement and Plan of Merger dated October 23, 2026, alongside a concurrent $120 million private placement of Series D non-voting convertible preferred stock with accompanying warrants that could provide up to an additional $60 million upon exercise. Consideration to Prana equityholders comprised 430,746 shares of Bolt common stock and 16,360.929 shares of Series D non-voting convertible preferred stock, each convertible into 1,000 shares of common stock. On a fully diluted basis after the financing closes, pre-transaction Bolt stockholders are expected to hold approximately 6.9% of the combined company, former Prana equityholders approximately 51.7%, and the private placement investors approximately 41.4%. The transaction brings Prana's INSPIRE platform of half-life-extended multispecific antibodies and lead asset PRA-216, an IL-4R-alpha x TSLP bispecific antibody in Phase 2 for asthma, COPD and atopic dermatitis, with a Phase 2 study in eosinophilic esophagitis planned. Bolt's legacy assets BDC-4182 (claudin 18.2) and an IL-31 bispecific remain in Phase 1. Proceeds are expected to fund operations into 2028. Investors in the placement included Deep Track Capital, Andreessen Horowitz, ADAR1 Capital, Casdin Capital and Soleus Capital. No aggregate transaction value was disclosed.
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