To support the proposed merger, Caldera has arranged an upsized concurrent private placement projected to generate around $278m in gross proceeds. A syndicate of healthcare institutional investors and mutual funds have committed to the private placement. This financing is planned to support the Phase II clinical development of Caldera’s CLD-423 in ulcerative colitis and Crohn’s disease. Following the merger, Caldera Therapeutics will focus on advancing CLD-423, an investigational bispecific antibody intended to simultaneously target TL1A and IL-23p19 pathways for the treatment of inflammatory bowel disease (IBD) and other immune-mediated diseases. The transaction will see Caldera shareholders hold approximately 62.8% of the combined company, Synlogic shareholders 2.3%, and private placement investors around 34.9%.