09:44 AM EDT, 10/29/2024 (MT Newswires) -- GlycoMimetics' ( GLYC ) shares climbed by more than 125% early Tuesday after saying it has agreed to be acquired by Crescent Biopharma, a privately held biotechnology company advancing a pipeline of oncology therapeutics.

Under the deal, a syndicate of investors has committed $200 million to buy GlycoMimetics ( GLYC ) common stock and pre-funded warrants, the company said.

The transaction is expected to close in the second quarter of 2025, after which GlycoMimetics ( GLYC ) will operate under the name Crescent Biopharma, the company said.

GlycoMimetics ( GLYC ) stockholders are expected to own about 3.1% of the combined company, with the pre-acquisition Crescent shareholders owning the rest, GlycoMimetics ( GLYC ) said.

Price: 0.3842, Change: +0.22, Percent Change: +128.42