MGEN - MiRagen Therapeutics (MGEN) shares skyrocket 156% on Viridian acquisition inks PIPE deal for $91M

MiRagen Therapeutics (MGEN) shoots 156% premarket after completing the acquisition of privately held Viridian Therapeutics in a stock-for-stock transaction.All of Viridian’s outstanding equity interests were exchanged for a combination of miRagen common stock and Series A preferred stock.Concurrently, the company has entered into a definitive agreement for a PIPE investment with existing and new investors to raise $91M in which shares of Series A preferred stock will be issued at $465.96/share. The PIPE offering is expected to close on October 30.The proceeds will be used to advance clinical studies of VRDN-00 in development for thyroid eye disease ((TED)) as well as double vision and potential blindness. The company expects to initiate a Phase 2 trial of VRDN-001 in TED in 2021. Worldwide rights to develop and commercialize VRDN-001 for all non-oncology indications were exclusively licensed by Viridian from ImmunoGen. In connection with the transactions, a non-transferrable contingent value right ((CVR)) is expected to be

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MiRagen Therapeutics (MGEN) shares skyrocket 156% on Viridian acquisition, inks PIPE deal for $91M