Proteostasis Therapeutics Enters Merger Agreement With Yumanity Therapeutics
Boston – August 25, 2020 – Cooley advised Proteostasis Therapeutics (PTI) on its agreement to merge with Yumanity Therapeutics. The combined company, which will operate under the Yumanity name, will leverage common scientific expertise in the area of protein misfolding to advance Yumanity’s pipeline of innovative, disease-modifying programs for neurodegenerative diseases. Partners Marc Recht and Miguel Vega led the Cooley team advising PTI.
Under the terms of the merger, PTI will acquire all outstanding shares of Yumanity in exchange for newly issued shares of PTI common stock. The merger is expected to close in Q4 2020. In connection with the closing, the combined company’s securities are expected to trade on the Nasdaq Global Market under the symbol “YMTX.”
“The combination of PTI and Yumanity brings together two technologies rooted in a shared scientific legacy of protein misfolding as the basis of disease, as well as capabilities and resources that offer shareholders a broad platform for value creation,” Meenu Chhabra, president and CEO of PTI, said in a news release. “We believe the combined company is well-positioned to advance multiple programs into and through the clinic, including Yumanity’s lead candidate YTX-7739, currently in Phase 1 trials for the treatment of Parkinson’s disease.”
In addition to YTX-7739, Yumanity is advancing several candidates for other neurodegenerative disorders, including dementia with Lewy bodies, multisystem atrophy, amyotrophic lateral sclerosis (ALS or Lou Gehrig’s disease) and frontotemporal lobar dementia.
Headquartered in Boston, PTI is a clinical stage biopharmaceutical company developing small molecule therapeutics to treat cystic fibrosis and other diseases caused by dysfunctional protein processing.
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