Two M&A deals reshape the specialty biologics and cardioendocrine drug development landscape, as companies combine platforms and capital to push late-stage programs toward pivotal milestones.

Lisata Therapeutics acquires Marea Therapeutics

Lisata Therapeutics acquired Marea Therapeutics, Inc., a clinical-stage biotechnology company harnessing the latest advances in human genetics to develop first-in-class, next-generation medicines for cardioendocrine diseases.¹

Concurrent with the acquisition, Lisata also entered into a definitive purchase agreement for the sale of Series C non-voting convertible preferred stock in a private placement financing expected to result in gross proceeds to Lisata of approximately $225 million before deducting placement agent and other offering expenses.¹

The oversubscribed financing includes participation from leading life sciences investors including RA Capital Management, Forbion, Third Rock Ventures, Alpha Wave, Perceptive Advisors, Sofinnova Investments, Omega Funds, Surveyor Capital (a Citadel company), Columbia Threadneedle Investments, Nantahala Capital, Affinity Asset Advisors, LLC, venBio, Rock Springs Capital and other institutional investors.

Lisata plans to use the net proceeds primarily to advance Mar001/005 and Mar002 through key clinical milestones, including the completion of an ongoing Phase IIB trial in patients with severe hypertriglyceridemia, as well as a Phase II trial in patients with acromegaly.¹ Both studies are expected to report topline data in the fourth quarter of 2027.

The acquisition was structured as a stock-for-stock transaction pursuant to which all of Marea's outstanding equity interests were exchanged, based on a fixed exchange ratio, for a combination of 1,793,129 shares of Lisata common stock and 211,365.213 shares of Series C non-voting convertible preferred stock, representing in the aggregate 213,158,342 shares of Lisata common stock on an as-converted basis, calculated on a fully diluted basis.¹

Investors in the $225 million private placement will be issued an aggregate of 150,867.995 shares of Series C non-voting convertible preferred stock, or 150,867,995 shares of Lisata common stock on an as-converted basis, at a price of approximately $1,491.37 per share.¹As a result of the transactions, equity holders of Lisata immediately prior to the acquisition will own approximately 2.39% of Lisata's common stock, equity holders of Marea will own approximately 59.54%, and investors in the private placement will own approximately 38.07%, each calculated on a fully diluted, as-converted basis.¹

The acquisition was approved by the board of directors of Lisata and the board of directors and stockholders of Marea, and was not subject to the approval of Lisata's stockholders.

"This transaction provides the combined company with the resources to advance our two clinical stage drug candidates through pivotal milestones, including Mar001 topline Phase IIB data in severe hypertriglyceridemia and Mar002 Phase II proof of concept data in patients with acromegaly next year, as well as initiation of Phase III registrational studies for both programs," said Dr. Josh Lehrer, newly appointed chief operating officer and president of Lisata Therapeutics and chief executive officer of Marea. "Joining with Lisata gives our first-in-class antibody programs a faster path to patients who today have limited options for these serious cardioendocrine diseases, and we're grateful for the continued confidence of our new and existing investors."

mAbxience and Sandoz sign global licensing deal for emicizumab biosimilar

mAbxience, a majority-owned company of Fresenius SE & Co. KGaA with partial ownership from Insud Pharma, and Sandoz, announced a licensing, development, manufacturing and commercialization agreement for an emicizumab biosimilar candidate.

The financial terms of the agreement remain confidential.

Under the terms of the agreement, mAbxience will be responsible for the development and manufacturing of the biosimilar through its GMP-approved facilities in Spain and Argentina, while Sandoz will hold exclusive commercialization rights globally, excluding Argentina, Uruguay and Paraguay.² The collaboration combines mAbxience's development and manufacturing capabilities with Sandoz's global commercial reach, creating a pathway to broaden patient access to the biologic medicine worldwide, as healthcare systems prepare for a significant wave of biologic medicines losing exclusivity over the coming years.²

The emicizumab biosimilar candidate is indicated for the treatment of hemophilia A and represents an estimated global reference market of approximately $5.7 billion.² Hemophilia A is a rare genetic disorder caused by insufficient or defective factor VIII, a key blood-clotting protein, and as the most common form of hemophilia accounts for around 80% of all cases worldwide, continuing to represent a significant unmet medical need for patients and healthcare systems.

"This agreement with Sandoz represents a significant recognition of mAbxience's development and manufacturing platform and the expertise of our teams," said Jurgen Van Broeck, chief executive officer of mAbxience. "This agreement combines our capabilities with Sandoz's global biosimilars reach and provides a clear pathway to broaden access to treatment for patients living with hemophilia A. It also reinforces our strategy of combining world-class development and manufacturing capabilities with selected commercial partnerships that can help accelerate patient access to high-quality biologic medicines worldwide."

Sources

1. Lisata Therapeutics Announces Acquisition of Marea Therapeutics and $225 Million Concurrent Private Placement Lisata Therpaeutics Septmebt 17, 2026, https://www.globenewswire.com/news-release/2026/09/17/3364095/18623/en/lisata-therapeutics-announces-acquisition-of-marea-therapeutics-and-225-million-concurrent-private-placement.html
2. mAbxience and Sandoz Sign a Collaboration Agreement to Advance Biosimilar Access Worldwide mAbxience September 17, 2026, https://www.prnewswire.com/news-releases/mabxience-and-sandoz-sign-a-collaboration-agreement-to-advance-biosimilar-access-worldwide-302883156.html