Remix Therapeutics, a private biotech, is set to go public through a reverse merger with Passage Bio, a once-high-flying gene therapy developer. The deal marks a pivotal shift for Passage Bio, which was launched by gene therapy pioneer Jim Wilson.
Financial terms of the transaction were not disclosed. The merger is expected to close in the second half of 2025, subject to shareholder approvals and regulatory clearances. Remix will become the surviving entity and its stock will trade on a major exchange.
Passage Bio, which went public in 2020, had seen its valuation decline amid setbacks in its lead gene therapy programs. The reverse merger provides a path for Remix to access public markets without a traditional IPO.
Remix focuses on RNA-modulating therapies for cancers and other diseases, with its lead candidate aimed at treating certain leukemias. The company has not yet reported late-stage clinical data for its pipeline.
The deal allows Passage Bio shareholders to participate in Remix's future upside, though the terms favor Remix's investors. Gene therapy pioneer Wilson was not directly involved in the merger negotiations.