Remix Therapeutics goes public via a reverse merger with Passage Bio

Publicly-traded gene therapy company Passage Bio and private biotech Remix Therapeutics have entered into a definitive merger agreement to combine in an all-stock transaction.

Upon completion of the deal, the combined company plans to operate under the name Remix Therapeutics.

Passage Bio’s lead candidate, PBFT02, is a one-time gene-replacement therapy designed to treat rare neurodegenerative diseases such as frontotemporal dementia (FTD) with granulin (GRN) mutations. Earlier this year, Passage revealed that the FDA did not support a single-arm trial design for PBFT02 in FTD-GR, instead asking for a randomized controlled trial. Passage initiated a review of strategic alternatives and later cut about 75% of its workforce to reduce operating expenses.

Remix focuses on small molecule drugs that target cancer by degrading specific RNA. Their lead drug, REM-422, goes after a cancer driver called MYB that's been notoriously hard to drug.

Through the deal, Passage Bio shareholders will end up owning about 7% of the combined company, while Remix shareholders will own about 93%.