GlycoMimetics (GLYC) M&A Announcement summary

Deal rationale and strategic fit

• The merger follows a strategic review to best serve shareholders and advance patient care in oncology, leveraging Crescent's pipeline and Paragon Therapeutics' discovery platform.

• The combined entity will focus on developing precision-engineered biologics for solid tumors, including the lead bispecific antibody CR-001 and two novel ADCs.

• The company aims to capitalize on the $50B+ PD-(L)1 immunotherapy market, targeting significant unmet needs in oncology.

• CR-001 is designed to replicate the efficacy of ivonescimab, which has shown superiority over pembrolizumab in NSCLC.

• The merger positions the company to pursue both first-in-class and fast-follower opportunities in oncology.

Financial terms and conditions

• All-stock transaction with pre-merger GlycoMimetics shareholders owning about 3.1% and Crescent stockholders (including new investors) owning about 96.9% of the combined company, subject to net cash adjustments.

• $200 million in pre-closing/concurrent private placement financing led by major biotech investors to fund pipeline development.

• Cash runway for the combined company is expected through 2027, supporting advancement of key pipeline programs.

• Estimated total shares of common stock post-closing will be 2,081,292,577.

Integration plans and timeline

• The combined company will operate as Crescent Biopharma Inc., led by Crescent's interim CEO Jonathan Violin.

• Merger expected to close in Q2 2025, pending stockholder approval and customary conditions.

• IND for CR-001 anticipated in late 2025 or early 2026; initial clinical data expected in 2H26.