Processa Pharmaceuticals To Acquire Vidya Therapeutics, Launch $200M Financing; Stock Down
(RTTNews) - Processa Pharmaceuticals, Inc. (PCSA), a clinical-stage biotechnology company, announced it will acquire privately held Vidya Therapeutics, Inc. and simultaneously raise approximately $200 million through a private financing.
Vidya's lead candidate, VT-7208, is a next-generation CNS-penetrant Bruton's tyrosine kinase inhibitor (BTKi) being developed for immune-mediated diseases like food allergy, chronic spontaneous urticaria (CSU), and relapsing multiple sclerosis (RMS). The acquisition strengthens Processa's pipeline and positions the company to advance multiple Phase 2 proof-of-concept studies, with top-line data expected between 2027 and 2028.
Under the terms of the transaction, Vidya stockholders will receive 558,398 shares of Processa common stock, 142,744.100 shares of Series A non-voting convertible preferred stock, representing 142,744,100 shares of common stock on an as-converted basis. In addition, investors in the financing will be issued 163,774.679 shares of Series A non-voting convertible preferred stock (or 163,774,679.00 shares of Processa common stock on an as-converted basis) at $1,221.19 per share, generating approximately $200 million in gross proceeds.
The private placement is expected to close on July 30, 2026. The acquisition was approved by the Boards of Directors of both Porcessa and Vidya.
The financing is expected to support operations into the second half of 2029 and fund parallel clinical programs across the three indications.
PCSA fell sharply following the announcement, declining 38%, to $1.88. The company implemented a 1-for-25 reverse stock split on December 17, 2025.
