Caldera Therapeutics merges with Synlogic, secures $278M to advance inflammation drug

Caldera Therapeutics, a startup founded seven months ago with $112.5 million of venture funding, announced a merger with Synlogic, a company that previously went public via a reverse merger.

The agreement includes a $278 million private financing round to support development of CLD-423, a candidate that targets TL1A and IL-23p19 for ulcerative colitis and Crohn's disease. The drug is in Phase 1 testing with data expected by the end of 2026, and the merger proceeds are intended to fund the program through Phase 2.

Synlogic, which has faced challenges with its phenylketonuria program and cut about 90% of its staff in 2024, will receive fresh capital and a combined pipeline, illustrating a growing trend of biotech firms using China‑licensed assets in merger strategies.