Korro Bio and Frequency Therapeutics to Merge

Cambridge-based Korro Bio and Lexington’s Frequency Therapeutics have agreed to combine the companies in an all-stock transaction. The combined company will focus on the advancement of Korro Bio’s portfolio of RNA editing programs under the name Korro Bio, Inc. and will apply to trade on Nasdaq.

In addition, Korro Bio has secured commitments from a syndicate of leading life sciences investors for a $117 million financing which is expected to close immediately prior to the completion of the merger. The merger and related financing are expected to close in the fourth quarter of 2023, subject to approval by Frequency Therapeutics’ stockholders and other customary closing conditions.

Korro Bio is rapidly advancing its lead program for AATD to a clinical trial and intends to submit a regulatory filing in the second half of 2024. AATD is an inherited disease that results from a single genetic defect that manifests itself as a broad spectrum of clinical pathologies. A majority of the patients are diagnosed later in life, having multiple clinical effects including liver disease and lung disease, eventually leading to organ transplant in some cases. Studies suggest that clinical unawareness of AATD results in a significant number of patients that go undiagnosed or misdiagnosed with approximately 100,000 patients in the U.S. currently identified with AATD.

“This transformative transaction enables us to take our lead program in AATD into the clinic and progress our pipeline,” said Korro Bio CFO Vineet Agarwal. “In addition, we will be able to fund our company through several value-creating milestones into 2026.”

Korro Bio has demonstrated that single RNA changes can disrupt protein-protein interactions, prevent protein aggregation, selectively modulate ion channels, and activate kinases. These modulation approaches have the potential to unlock validated target classes that have historically been difficult to drug, enabling Korro Bio to pursue a broad range of diseases, including those with high prevalence and large market opportunities. Korro Bio’s wholly owned, early-stage pipeline targets several diseases, such as Parkinson’s disease, ALS and cardiometabolic disease. (Source: Korro Bio Website, 14 July, 2023)