Quince Therapeutics acquires Orphai Therapeutics, terms undisclosed

Quince Therapeutics (QNCX) announced it has acquired Orphai Therapeutics. The acquisition brings Orphai’s program LAM-001, an inhaled formulation of rapamycin, to treat rare pulmonary diseases, into Quince’s pipeline. New Phase 2 data with LAM-001 were recently presented at the American Thoracic Society conference in Orlando and are detailed in a separate press release also announced. Concurrent with the acquisition, Quince entered into a definitive agreement for a private placement financing to raise up to $187M in gross proceeds, which includes $115M in upfront proceeds for the purchase of shares of Series C non-voting convertible preferred stock and up to an additional approximately $72M upon exercise of accompanying warrants, before deducting placement agent and other offering expenses. The financing was led by Balyasny Asset Management and includes participation from healthcare investors. Upfront proceeds from the financing together with existing cash and cash equivalents at closing, are expected to support the advancement of LAM-001 through multiple clinical milestones, including data from a Phase 2 clinical trial in BOS anticipated in the first quarter of 2027, data from a planned Phase 2b study in PH-ILD anticipated in the first quarter of 2028 and data from a planned Phase 2 study in sarcoidosis associated PH anticipated in the fourth quarter of 2028.