Bolt, Prana reverse merger centers inflammation pipeline

Bolt Biotherapeutics is acquiring Prana Therapies in a stock-for-stock reverse merger focused on Prana’s inflammatory-condition antibody pipeline, according to Fierce Biotech. The transaction includes a private placement in Bolt and potential proceeds through warrant exercises.

Fierce Biotech reported that the investor syndicate includes Deep Track Capital, ADAR1 Capital, Andreessen Horowitz, LYFE Capital, Eventide Asset Management, Casdin Capital and Soleus Capital, among others. According to the company, the financing is expected to extend Bolt’s cash runway into 2028.

Inflammation program moves to the center

The combined company is intended to advance Prana’s antibody pipeline and proprietary INSPIRE platform. Fierce Biotech reported that the platform has produced PRA-216, a bispecific antibody that blocks interleukin-4 receptor alpha and thymic stromal lymphopoietin.

Fierce Biotech described thymic stromal lymphopoietin as an epithelial alarmin, or a cytokine that acts as an early warning signal in the inflammatory cascade. Interleukin-4 receptor alpha mediates signaling by IL-4 and IL-13, which the publisher identified as key drivers of type 2 inflammation in conditions including asthma and atopic dermatitis.

PRA-216 is in phase 2 development for asthma, chronic obstructive pulmonary disease and atopic dermatitis. Prana also plans a phase 2 study of PRA-216 in eosinophilic esophagitis, Fierce Biotech reported. According to the company, patient data from all four trials are expected between the second and fourth quarters of 2027.

Platform and leadership transition

Fierce Biotech reported that Prana plans to generate additional multispecific antibodies through INSPIRE, with molecules designed for subcutaneous delivery. The transaction brings that platform into Bolt’s development organization while placing PRA-216 across multiple inflammatory-condition studies.

Sheila Gujrathi, Prana’s former chief executive officer and Bolt’s newly appointed chief strategy officer, said in the company release that the transaction and financing provide resources to advance PRA-216 through multiple phase 2 readouts in 2027 while continuing to expand the INSPIRE pipeline.

Fierce Biotech noted that Bolt launched with a cancer focus and has ongoing collaborations with Genmab and Toray involving cancer immune-stimulating antibody conjugates. The Prana transaction adds inflammation-focused antibody development activity to that backdrop.