The deal, slated to close in the fourth quarter, will see the combined entity adopt the Remix brand and shift its focus toward a pipeline of small molecule therapeutics. Trading on the Nasdaq under the ticker RMTX, the new company aims to secure its financial runway through a $100 million private placement led by Decheng Capital. This infusion is projected to sustain operations through 2028.

This strategic restructuring follows a difficult spring for Passage Bio, which initiated a review process after the FDA rejected a single-arm trial design for its lead dementia drug. In conjunction with the merger, the company also terminated its development and supply agreement with Catalent Maryland, signaling a definitive move away from its previous operational roadmap.