Lisata Therapeutics has agreed to merge with cardiovascular specialist Marea Therapeutics in a stock-for-stock transaction following a failed acquisition attempt by Kuva Labs. The deal, resembling a reverse merger, will see Lisata shareholders own approximately 2.4% of the combined company, whilst Marea investors will hold 59.5%. The remainder will belong to investors in a $225 million private placement, including RA Capital Management, Forbion, Third Rock Ventures, and Sofinnova Investments. The merged entity will focus on Marea's phase 2 candidates MAR001 and MAR002, targeting severe hypertriglyceridemia and acromegaly, with topline data expected in Q4 2025. Lisata previously laid off 72% of its workforce after the Kuva merger collapsed and has filed a lawsuit seeking damages and a $2 million termination fee.

Lisata acquires Marea Therapeutics with $225 million private placement. September 17, 2026 Lisata Therapeutics has acquired Marea Therapeutics in a stock-for-stock transaction and secured a concurrent $225 million private placement, shifting the combined company's primary development focus toward a clinical-stage portfolio of cardioendocrine medicines. The oversubscribed financing included RA Capital Management, Forbion, Third Rock Ventures, Alpha Wave, Perceptive Advisors, Sofinnova Investments, Omega Funds, Surveyor Capital, Columbia Threadneedle Investments, Nantahala Capital, Affinity Asset Advisors, venBio, Rock Springs Capital and other institutional investors. Gross proceeds are expected to total approximately $225 million before expenses. Lisata plans to use the proceeds primarily to advance Marea's MAR001/005 and MAR002 programs through major clinical milestones. The capital is projected to fund operations into 2028, providing the combined company with resources to pursue development of both programs while maintaining funding for general corporate purposes. MAR001 is being evaluated in an ongoing Phase 2b trial for severe hypertriglyceridemia, while MAR002 is being advanced in Phase 2 for acromegaly. Lisata expects both studies to produce topline results in the fourth quarter of 2027. The acquisition materially changes Lisata's ownership structure. Marea shareholders will own approximately 59.54% of the combined company on a fully diluted, as-converted basis, while investors participating in the $225 million financing will hold approximately 38.07%. Pre-transaction Lisata shareholders will own approximately 2.39%. Marea shareholders received approximately 1.79 million Lisata common shares and Series C non-voting convertible preferred stock representing approximately 211.4 million common shares on an as-converted basis. Private placement investors are receiving preferred shares representing another approximately 150.9 million common shares on an as-converted basis. Conversion of the preferred stock requires Lisata shareholder approval. The transaction follows Lisata's review of strategic alternatives and gives the company a new pipeline centered on genetically validated targets in cardioendocrine diseases. CEO David Mazzo said Lisata will focus on advancing Marea's programs while separately evaluating potential next steps for certepetide, Lisata's investigational cyclic peptide program for solid tumors. Marea CEO Josh Lehrer has been appointed president and chief operating officer of Lisata. Lehrer said the financing is expected to support MAR001 and MAR002 through their upcoming clinical readouts as well as the planned initiation of Phase 3 registrational studies for both programs. MAR001 is a potential first-in-class monoclonal antibody targeting ANGPTL4, a protein highly expressed in adipose tissue. The drug is designed to inhibit ANGPTL4 and increase lipoprotein lipase activity, with the goal of lowering triglycerides and improving adipose tissue function. Marea is also developing MAR005, a half-life-extended version intended to serve as its Phase 3 candidate for severe hypertriglyceridemia. MAR002 is a half-life-extended monoclonal growth hormone receptor antagonist antibody being developed for acromegaly. In a Phase 1 study involving healthy volunteers, the candidate produced dose-dependent suppression of IGF-1 and was generally well tolerated with no serious adverse events. Marea is currently evaluating the drug in a Phase 2 study. Acromegaly affects approximately 30,000 patients in the U.S., according to the company. While surgery is performed in more than 90% of patients, approximately 65% require medical therapy during the course of their disease, creating a target population for additional treatment options. The boards of both companies and Marea's shareholders approved the acquisition. Neither the acquisition nor private placement required approval from Lisata shareholders, although shareholders must approve conversion of the Series C preferred shares. Following conversion, Lisata would have approximately 396.3 million common shares outstanding on an as-converted basis. H.C. Wainwright advised Lisata on the acquisition, while Leerink Partners advised Marea. Jefferies, Leerink Partners, Guggenheim Securities, Cantor and LifeSci Capital are serving as placement agents for the financing. Mintz is legal counsel to Lisata, Goodwin Procter represents Marea and Cooley represents the placement agents.

MAR001/005 is in a Phase 2b study for severe hypertriglyceridemia, while MAR002 advances to Phase 2; both are expected to report data in Q4 2027.