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Selecta Biosciences Merges With Cartesian Therapeutics In All-stock Deal
(RTTNews) - Selecta Biosciences, Inc. (SELB) announced Monday that it has merged with biotechnology company Cartesian Therapeutics, Inc.
In connection with the merger, Selecta announced a $60.25 million private financing led by Timothy Springer, member of the Selecta Board of Directors.
Concurrent with the merger, the combined company has been renamed Cartesian Therapeutics, Inc. The Company's Nasdaq ticker symbol will change to "RNAC" effective prior to the opening of trading on Tuesday, November 14, 2023.
The combined company will be led by Selecta's Chief Executive Officer Carsten Brunn and current Chief Financial Officer Blaine Davis, as well as several members of the legacy Cartesian team.
The combined company's Board of Directors will be led by current Selecta Chairman Carrie Cox and will include, among others, current Selecta board member Timothy Springer, as well as Cartesian Co-Founders Murat Kalayoglu and Michael Singer.
The merger was structured as a stock-for-stock transaction pursuant to which all of Cartesian's outstanding equity interests were exchanged based on a fixed exchange ratio for consideration as a combination of approximately 6.7 million shares of Selecta common stock and approximately 0.38 million shares of Selecta Series A Non-Voting Convertible Preferred Stock.
The acquisition was approved by the Board of Directors of Selecta and the Board of Directors and stockholders of Cartesian. The closings of the transactions are not subject to the approval of Selecta stockholders.
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