This morning Neurogene announced that they are merging with a biotech company called Neoleukin Therapeutics, Inc. Below is a link to the press release and a link to the Rett community letter.
Those of us who remember the AveXis acquisition by Novartis and the subsequent stalling and eventual termination of the Rett progam may experience a bit of anxiety over this news.
I can assure you this is a very different situation. The merger allows Neurogene to become a publicly traded company without going through an IPO during what is a turbulent financial environment for the biotech sector. Becoming a publicly traded company is an important step for the growth of a biotech because it gives the company broader access to capital to support development of their therapeutic programs.
The merged entity will be called Neurogene. Rachel McMinn, the current Neurogene CEO will remain the CEO of the merged entity and all the Neurogene staff remain in their positions.
Furthermore, our community will undoubtedly notice that the Rett program is highlighted multiple times in the press release. Simply put, the Rett program is, and will remain, of vital importance to Neurogene.
Join me in congratulating Dr. McMinn and everyone at Neurogene and at Neoleukin on the merger and wishing them success as they advance the Rett syndrome gene therapy program!