Caladrius Biosciences To Merge With Privately-Held Cend Therapeutics

Caladrius Biosciences Inc CLBS and privately-held Cend Therapeutics Inc have agreed to merge in an all-stock approximate "merger of equals" transaction approved by the Boards of Directors of each company.
The transaction values each company at $90 million, which for Caladrius represents a 136% premium to its market cap on April 26.
Following closing, the combined company will be renamed Lisata Therapeutics Inc and trade on the Nasdaq under the ticker symbol LSTA.
The merger is currently expected to close in the third quarter of 2022.
Following the merger's closing, Lisata is expected to advance CEND-1 as its lead product candidate in a variety of difficult to treat solid tumor applications, including pancreatic ductal adenocarcinoma (PDAC).
CEND-1 is being evaluated in ongoing Phase 1 and Phase 2 clinical studies with Cend and its partner in China, Qilu Pharmaceutical.
Additional Phase 1b/2 PDAC clinical data is expected as early as 2023.
Lisata also plans to initiate an additional trial in PDAC in combination with immunotherapy and a trial(s) exploring applications of CEND-1 in other difficult to treat solid tumors, such as hepatocellular, gastric, and breast cancers, with additional therapeutic combinations.
Under the terms of the definitive merger agreement, David Mazzo, current President and CEO of Caladrius, will be the Chief Executive Officer of Lisata.
David Slack, the current President & CEO of Cend, will be Lisata's President and Chief Business Officer.
Kristen K. Buck, MD, current Executive Vice President of R&D and Chief Medical Officer, will continue in those roles with Lisata.
Upon closing, shareholders of Cend will receive approximately 60.5 million shares of Caladrius common stock, resulting in the shareholders of each company owning about 50% of the combined company.
Price Action: CLBS shares are down 1.48% at $0.62 during the market session on the last check Wednesday.

Market News and Data brought to you by Benzinga APIs