MCRB - Seres Therapeutics Enters Into Memorandum of Understanding For Vowst™ Asset Sale to Nestlé Health Science | Benzinga
Seres anticipates capital infusions, including an upfront payment, enabling the Company to fully retire its debt and extend its cash runway into Q4 2025, pending deal closure and subject to performance under a transition services agreement
Future Company focus on advancement of SER-155 and other cultivated oral microbiome therapeutics for medically vulnerable patient populations with potential to address large commercial opportunities
CAMBRIDGE, Mass., June 06, 2024 (GLOBE NEWSWIRE) -- Seres Therapeutics, Inc. (NASDAQ:MCRB), a leading microbiome therapeutics company, today announced that it has entered into a non-binding memorandum of understanding with Nestlé Health Science for the sale of Seres' VOWST assets that will provide Nestlé Health Science with full VOWST product and related intellectual property rights. Under the terms of the pending agreement, Seres is due to receive capital infusions, including an upfront payment. Seres expects to complete the transaction within the next 90 days, subject to the negotiation of definitive agreements, Seres' shareholder approval, and other customary conditions.
"We are proud of our success in bringing VOWST to patients as the first ever FDA-approved oral microbiome therapy, and following the anticipated transaction close, we will continue to work with Nestlé Health Science and our other partners to ensure a seamless transition and ongoing product availability," said Eric Shaff, President and Chief Executive Officer of Seres. "We plan to use the capital from this pending transaction to retire our existing debt facility and strengthen our balance sheet. These actions enable the Company to enter an exciting next phase as we move SER-155 and other wholly-owned cultivated microbiome therapeutic candidates forward to important milestones and we look forward to discussing these programs in greater detail later this year. Seres' therapeutic candidates could benefit multiple underserved patient groups, including those with chronic liver disease, cancer neutropenia, and ...