Pharma BD Deal Intelligence
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.)