In the hunt for reverse merger targets, Caribou could be prized game
Caribou Biosciences, the CRISPR company co-founded by Jennifer Doudna, will stop developing its two off-the-shelf cell therapy programs for blood malignancies, citing a financing environment that CEO Rachel Haurwitz called increasingly challenging. The board has cleared management to evaluate a merger, acquisition or other transactions, with Wedbush Securities as exclusive financial advisor. Caribou ended the second quarter with $114 million in cash and securities, and Leerink analyst Daina Graybosch sees a reverse merger or a sale to Tang Capital as likely outcomes.
Why it matters: A prominent CRISPR biotech with $114 million in cash is winding down and auctioning itself amid a wave of biotech reverse mergers.