Caldera Therapeutics completes reverse merger with Synlogic, secures $278 million financing

Caldera Therapeutics, a Massachusetts biotech founded last year, announced a reverse merger with Nasdaq-listed Synlogic, giving it a public listing.

The transaction includes a $278 million financing package that will fund Caldera’s development program.

Caldera’s lead candidate, CLD-423, is a bispecific antibody targeting IL-23p19 and TL1A, pathways addressed by existing IBD drugs such as AbbVie’s Skyrizi and Merck’s tulisokibart. The company aims to improve efficacy by combining mechanisms in a single molecule.

The move follows Caldera’s earlier $112.5 million stealth-exit funding and a licensing deal with China’s Qyuns Therapeutics for the bispecific. The company plans to accelerate its phase-1 trial and broader IBD pipeline.