Lomond Therapeutics Completes Reverse Merger with Venetian-1 and Raises $44M

ICG Acquires Majority Stake in Lomond; LDC and Management Reinvest

December 2, 2024

Real Estate

ICG has invested in Lomond in a transaction in which LDC exits its original investment but will reinvest alongside ICG, founding Chairman Stuart Pender and Lomond management. The recapitalization provides capital to support Lomond's continued roll-up strategy and geographic expansion after the business grew from 600 to 1,900 employees and completed 65 acquisitions under LDC's ownership.

Nanomix Completes Reverse Merger with Boston Therapeutics; $8.4M Convertible Financing

June 29, 2021

Medical Devices

Nanomix, a developer of mobile point-of-care diagnostics, completed a reverse merger with Boston Therapeutics and the combined public company will be renamed Nanomix Holdings, Inc. In conjunction with the merger, the company issued approximately $8.4 million of senior secured convertible notes (approximately $7.9M purchase price) and warrants to accredited investors to fund manufacturing scale-up, commercial operations and expansion of its eLab diagnostics platform.

Graphite Bio Completes Merger with LENZ Therapeutics; Combined Company to Trade as LENZ

March 21, 2024

Biotechnology

LENZ Therapeutics completed its previously announced merger with Graphite Bio and will commence trading on Nasdaq under the ticker LENZ. The transaction included a 1-for-7 reverse stock split, a special cash dividend, and a concurrent $53.5 million PIPE from a syndicate of healthcare investors, leaving the combined company with approximately $210 million in cash to support late-stage CLARITY Phase 3 readouts and planned NDA submission in mid-2024.

MoonLake Immunotherapeutics AG and Helix Acquisition Corp. Announce Business Combination Agreement for Tri-specific Nanobody Sonelokimab

October 4, 2021

Biotechnology

MoonLake Immunotherapeutics AG entered into a definitive business combination agreement with Helix Acquisition Corp. to create a publicly listed biotechnology company focused on advancing tri-specific nanobody sonelokimab for IL-17A/F-driven skin and joint diseases. The transaction is expected to close late in Q4 2021 or early in Q1 2022 and provides approximately $230 million in total proceeds, including cash in Helix’s trust account and a $115 million PIPE led by Cormorant Asset Management.

Ligand Pharmaceuticals Spins Off OmniAb and Merges With Avista Public Acquisition Corp. II

October 24, 2022

Biotechnology

Ligand Pharmaceuticals has signed a definitive merger agreement to spin off its OmniAb antibody discovery business into a newly formed standalone public company, OmniAb, Inc., via a Reverse Morris Trust. OmniAb will then merge with Avista Public Acquisition Corp. II (APAC), backed by Avista Capital Partners, with the combined company expected to be renamed OmniAb, Inc. and listed on Nasdaq.

Eli Lilly and Company to Acquire Orna Therapeutics in Up to $2.4 Billion Deal

February 9, 2026

Biotechnology

Eli Lilly and Company has signed a definitive agreement to acquire Orna Therapeutics in a deal valued at up to $2.4 billion. The acquisition is intended to expand Lilly’s capabilities in genetic medicine and in vivo cell engineering, particularly to advance in vivo CAR-T therapies using Orna’s circular RNA and lipid nanoparticle platform.