Investment Banking
Exclusive Financial Advisor to Barinthus Biotherapeutics on its Announced Merger with Clywedog Therapeutics
September 30, 2025
Oppenheimer & Co. Inc. Acted as Exclusive Financial Advisor to Barinthus Biotherapeutics on its Announced Merger with Clywedog Therapeutics
On September 30th, 2025, Barinthus Biotherapeutics plc (NASDAQ: BRNS) (“Barinthus Bio”), an immunology and inflammation company focused on developing therapies that promote immune tolerance, and Clywedog Therapeutics, Inc. (“Clywedog”), a private company advancing novel breakthrough medicines in diabetes, announced that they have entered into a definitive merger agreement to combine in an all-stock transaction. The combined company’s diversified pipeline will comprise three assets with broad potential for treating metabolic and autoimmune diseases, with an initial focus on three on-going programs in Type 1 diabetes, Type 2 diabetes and celiac disease and four clinical data milestones expected within 18 months of the closing of the transaction.
Prior to the closing of the transaction, the combined company may commence a partial tender offer to acquire shares of the combined company then issued and outstanding and held by Barinthus Bio shareholders for an aggregate offer price of up to $27 million.
Upon completion of the transaction, the shareholders of Barinthus Bio are expected to own approximately 34%, and the stockholders of Clywedog are expected to own approximately 66% of the combined company on a fully diluted basis, based on the respective valuations of Barinthus Bio and Clywedog as of the execution of the merger agreement.
Upon the closing of the transaction, the combined company will be renamed “Clywedog Therapeutics, Inc.” and will trade on the NASDAQ under the new ticker symbol “CLYD”. The transaction is expected to close in the first half of 2026, with the combined company supported by existing cash and additional investments by OrbiMed and Torrey Pines Investment LLC, both existing shareholders in Clywedog, and new investors.
This represents the 7th healthcare M&A transaction that Oppenheimer has advised on in 2025.
Healthcare Investment Banking
Name:
Michael A. Margolis, R.Ph.
Title:Senior Managing Director, Head of Healthcare Investment Banking
Name:
Stefan Loren, Ph.D.
Title:Managing Director, Healthcare Investment Banking
Name:
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Don Ritucci
Title:Managing Director, Head of Healthcare Mergers & Acquisitions
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