Metacrine, Equillium Agree To Terminate Merger Deal

(RTTNews) - Metacrine, Inc. (MTCR) and Equillium, Inc. (EQ) announced the mutual termination of definitive merger agreement.

Metacrine shares rise 5.40% to $0.4551 in the after-hours trading following scrapped Equillium deal. Equillium stock closed Friday's trading at $0.89, down 6.30%.

Equillium first said to acquire Metacrine in an all-stock transaction in early 2022, with the intent of adding cash runway in a very difficult financing market.

"However, our recent strategic partnership with Ono Pharmaceutical is expected to extend our cash runway into 2025, and possibly further with potential option exercise and milestone payments", said Bruce Steel, chief executive officer of Equillium.

Metacrine said it is continuing to evaluate all strategic opportunities.