Lisata acquires Marea Therapeutics, raises $225 million in private placement

Lisata Therapeutics announced on September 17, 2026 that it had completed its acquisition of Marea Therapeutics, a clinical-stage biotech company developing first-in-class, next-generation medicines for cardioendocrine diseases.¹ The deal was paired with a concurrent private placement expected to generate gross proceeds of approximately $225 million before deducting placement agent and other offering expenses.¹

The financing drew participation from a group of investors that included RA Capital Management, Forbion, Third Rock Ventures, and Alpha Wave, among other institutional investors¹ named in the release.

The acquisition was structured as a stock-for-stock exchange. Marea equityholders received a combination of common stock and Series C non-voting convertible preferred stock, which together convert into 213,158,342 shares of Lisata common stock on an as-converted-to-common stock basis, calculated on a fully-diluted basis.¹

After the merger and financing, equity holders of Lisata immediately prior to the acquisition will own approximately 2.39% of Lisata's common stock, equity holders of Marea immediately prior to the acquisition will own approximately 59.54%, and investors in the private placement financing will own approximately 38.07%¹ of the combined company.

Lisata said it plans to use proceeds primarily to advance MAR001/005 and MAR002 through key clinical milestones, including completion of an ongoing Phase 2b trial in severe hypertriglyceridemia and a Phase 2 trial in acromegaly, both expected to report topline data in the fourth quarter of 2027.¹ The financing is expected to fund operations into 2028, according to the release.

As part of the transaction, Dr. Josh Lehrer, formerly Marea's CEO, was named President and Chief Operating Officer of Lisata, while David J. Mazzo resigned solely from the office of President but retained his position as Chief Executive Officer.¹ Ted W. Love, M.D., who served as Chairman of Marea's board since May 2023,¹ was appointed to Lisata's board.