Selecta Biosciences Merges With Cartesian To Focus On Autoimmune Cell Therapy
Portfolio Pulse from Vandana Singh
Selecta Biosciences Inc (SELB) and Cartesian Therapeutics Inc have announced a reverse merger, with Selecta shareholders owning 26.9% of the new company, which will be renamed Cartesian Therapeutics. The Nasdaq ticker will change to 'RNAC' on November 14, 2023. The combined company will focus on RNA cell therapy for autoimmune diseases, with over $110 million in cash and multiple near-term catalysts expected. SELB shares are currently down 7.05% at $0.8903.
November 13, 2023 | 5:45 pm
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Selecta Biosciences has merged with Cartesian Therapeutics in an all-stock deal, resulting in a new focus on RNA cell therapy for autoimmune diseases. SELB shareholders will own 26.9% of the new entity, and the ticker will change to 'RNAC'. The company has significant cash reserves and upcoming catalysts, but shares have dropped 7.05%.
The merger is a significant change in the company's direction, which can lead to uncertainty among investors. The immediate negative reaction in stock price reflects this uncertainty. However, the company's strong cash position and upcoming catalysts could provide positive momentum in the medium term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100