Pharma BD Deal Intelligence
Serapha reaches Nasdaq via Boundless shell with $230M for AATD base editor
Full analysis, sources & comparables →On June 23, 2026, Boundless Bio (Nasdaq: BOLD) and privately held Serapha Bio announced a definitive all-stock reverse merger, alongside a $230 million financing ($138M prior Series A plus $92M concurrent pre-closing investment). Serapha is developing an investigational in vivo base-editing therapy (a gene-editing prospect originating from China) for Alpha-1 Antitrypsin Deficiency (AATD). Pre-merger Serapha holders are expected to own ~96.3% and Boundless holders ~3.7% of the combined company, which will operate as Serapha Bio and trade under 'AATD'. Boundless plans a pre-closing cash dividend (~$44-48M) to its stockholders. Close expected Q4 2026. (Boundless exits its ecDNA cancer program in the combination.)
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Serapha Bio, Inc. / Boundless Bio, Inc. (this deal) | 2026 | $230M | 58 |
| Shire plc / Dyax Corp. | 2016 | $5.9B | 89 |
| Horizon Pharma plc / Hyperion Therapeutics, Inc. | 2015 | $1.1B | 79 |
| Shire plc / NPS Pharmaceuticals | 2015 | $5.2B | 78 |
| AstraZeneca PLC / Amolyt Pharma | 2024 | $1.1B | 73 |
| Sanofi SA / Inhibrx Inc. | 2024 | $2.2B | 70 |
| Eli Lilly and Company / Hanmi Pharmaceutical Co. Ltd. | 2026 | $1.3B | 65 |
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