Biotech Values

[DewDiligence]

GRPH reverse-merges with—(private)—Lenz Therapeutics:

https://www.businesswire.com/news/home/20231115881807/en

LENZ Therapeutics, a late-stage biopharmaceutical company focused on developing and commercializing innovative therapies to improve vision, and Graphite Bio, Inc. (NASDAQ: GRPH) today announced that they have entered into a definitive merger agreement to combine the companies in an all-stock transaction. The lead programs of the combined company will address presbyopia, the inevitable loss of near vision that impacts the daily lives of nearly all people over the age of 45. The combined company is expected to trade on Nasdaq under the ticker symbol “LENZ.”

…Pre-merger Graphite Bio stockholders are expected to own approximately 35% of the combined company and pre-merger LENZ Therapeutics stockholders are expected to own approximately 65% of the combined company upon the closing of the merger, prior to the additional PIPE financing transaction.

… LENZ Therapeutics’ initial focus is the treatment of presbyopia. …LENZ believes that a once-daily pharmacological eye drop that can effectively and safely improve near vision throughout the full workday, without the need for reading glasses, will be a highly attractive commercial product with an estimated U.S. market opportunity in excess of $3 billion.

GRPH has essentially been a shell company since halting its SCD program in Jan 2023 (#msg-170873072).

I’m not especially bullish on the commercial prospects for a presbyopia eyedrop that works by inducing pupil contraction, and LENZ is not the only company developing such a product.