Bolt Biotherapeutics Acquires Prana Therapies and Secures $120 Million Financing
News related to:Bolt Biotherapeutics · 2 min read
Bolt Biotherapeutics, a clinical-stage biotechnology company, has announced the acquisition of Prana Therapies, a clinical-stage biotech firm pioneering next-generation, half-life-extended multispecific antibodies. The transaction positions Bolt to advance Prana’s pipeline of innovative therapies, with a focus on PRA-216, a novel IL-4Rα/TSLP bispecific antibody currently in Phase 2 development for asthma, chronic obstructive pulmonary disease (COPD), and atopic dermatitis. A Phase 2 study in eosinophilic esophagitis (EoE) is also planned, with patient data from all four trials expected to be released in the second quarter of 2027.
Following the acquisition, Sheila Gujrathi, M.D., Prana’s Co-Founder and former Chief Executive Officer, will join Bolt’s executive team and board of directors. Gujrathi will serve as Chief Strategy Officer, bringing her expertise to the company’s strategic initiatives.
To support the company’s growth, Bolt has entered into a concurrent private placement financing, raising $120 million in upfront gross proceeds. The financing includes the purchase of 13,995.311 shares of Series D non-voting convertible preferred stock, with the potential to receive an additional $60 million upon exercise of accompanying warrants. Leading healthcare institutional investors, including ADAR1 Capital, Andreessen Horowitz (a16z), LYFE Capital, Coastlands Capital, Eventide Asset Management, Casdin Capital, Curie.Bio, SilverArc Capital, Soleus Capital, and Deviation Capital, have participated in the financing.
The private placement financing is expected to fund operations into 2028 and support multiple anticipated clinical and preclinical milestones.
Prana’s pipeline includes a second program, an IL-31 containing bispecific antibody, initially being developed for atopic dermatitis. First-in-human studies in healthy volunteers and patients are expected to begin in the second half of 2027, with clinical data also anticipated in the same period. Two additional undisclosed pipeline programs are expected to advance toward IND-enabling development by the second half of 2027.
The acquisition was structured as a sign-and-close reverse merger, with all outstanding equity interests of Prana exchanged based on a fixed exchange ratio for a combination of 430,746 shares of Bolt common stock and 16,360.929 shares of Series D non-voting convertible preferred stock (representing 16,791,675 shares of Bolt common stock on an as-converted-to-common basis and without giving effect to any beneficial ownership limitations).
Bolt will host a conference call and webcast on October 26, 2026, at 8:30 a.m. ET, to discuss the transaction, financing, and the company’s pipeline.