10:02 AM EDT, 06/06/2024 (MT Newswires) -- Seres Therapeutics ( MCRB ) said Thursday that it signed a non-binding memorandum of understanding to sell its Vowst microbiome therapy and related intellectual property rights to Nestle Health Science.

No financial details were disclosed but Seres said it will be entitled to receive capital infusions, including an upfront payment. The proceeds will be used to fully retire its senior secured debt facility with Oaktree Capital Management and support the further advancement of SER-155 and other product candidates, the company added.

The transaction is expected to close within the next 90 days. Seres said it expects to extend its cash runway into Q4 2025 with the capital that it will receive under the deal.

The company said Vowst was approved by the US Food and Drug Administration in April 2023 to prevent the recurrence of C. difficile infection, or CDI, in adult patients and was launched in June 2023 by Nestle Health Science.

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