GlycoMimetics Agrees to Be Taken Private by Crescent Biopharma

Dow Jones10-29

GlycoMimetics said Tuesday it has entered into an agreement to acquire privately held biotech company Crescent Biopharma. In "GlycoMimetics Agrees to Be Taken Private by Crescent Biopharma," at 7:22 a.m. ET, the headline and first paragraph incorrectly said Crescent Biopharma was acquiring GlycoMimetics.

(END) Dow Jones Newswires

October 29, 2024 11:26 ET (15:26 GMT)

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In \"GlycoMimetics Agrees to Be Taken Private by Crescent Biopharma,\" at 7:22 a...</p>\n\n<a href=\"https://dowjonesnews.com/newdjn/logon.aspx?AL=N\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"GLYC","symbol_name":"GlycoMimetics Inc.","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2479085794","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2479085794","pubTimestamp":1730200920,"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"GlycoMimetics said Tuesday it has agreed to be acquired by privately held biotech company Crescent Biopharma.The company said a syndicate of investors led by Fairmount, Venrock Healthcare Capital, BVF Partners and a large investment management firm has committed $200 million to purchase GlycoMimetics common stock and warrants.The cash balance at closing is anticipated to fund  the company's operations through 2027, including advancement of the its lead program, CR-001, a type of antibody, through preliminary proof of concept clinical data in solid tumor patients expected in the second half of 2026.Also, the company intends to determine potential paths forward for its late stage clinical candidate, Uproleselan, a treatment for a form of leukemia which earlier in the morning GlycoMimetics said missed its primary target in its latest trials.After the transaction concludes, GlycoMimetics stockholders are expected to own about 3.1% of the combined company. 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