Shares of Cyclerion Therapeutics, Inc. (CYCN) skyrocketed after announcing a merger deal with Korsana Biosciences, Inc.
The stock is currently trading at $6.98, up $5.43 or 350.33%, on the Nasdaq. It opened at $5.43 after closing the previous session at $1.55. The stock has traded between $1.03 and $7.96 over the past 52 weeks.
Cyclerion said it will merge with privately held Korsana Biosciences, Inc. in an all-stock transaction, with the combined company to operate under the Korsana Biosciences name and trade under the ticker KRSA.
As part of the deal, Korsana has secured approximately $380 million in private financing, expected to fund operations through 2029 and support multiple clinical milestones.
Korsana's lead program, KRSA-028, is a next-generation antibody targeting amyloid beta for the treatment of Alzheimer's disease, with key data readouts expected in 2027.
Under the merger terms, existing Cyclerion shareholders will own only about 1.5% of the combined company, while Korsana investors will control the vast majority stake.
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