Passage Bio Shares Tumble Following Remix Therapeutics Merger Deal

The deal, slated to close in the fourth quarter, will see the combined entity adopt the Remix brand and shift its focus toward a pipeline of small molecule therapeutics. Trading on the Nasdaq under the ticker RMTX, the new company aims to secure its financial runway through a $100 million private placement led by Decheng Capital. This infusion is projected to sustain operations through 2028.

This strategic restructuring follows a difficult spring for Passage Bio, which initiated a review process after the FDA rejected a single-arm trial design for its lead dementia drug. In conjunction with the merger, the company also terminated its development and supply agreement with Catalent Maryland, signaling a definitive move away from its previous operational roadmap.