Quince Therapeutics Acquires Orphai Therapeutics and Raises Up to $187 Million

Quince Therapeutics, Inc. , a clinical-stage biotechnology company. The acquisition adds LAM-001, an inhaled formulation of rapamycin, to Quince's pipeline for the treatment of rare pulmonary diseases. The transaction includes $115 million in upfront financing with the potential for an additional $72 million upon exercise of accompanying warrants.

Upfront proceeds from the private placement and existing cash are expected to fund operations through the end of 2028.

The acquisition brings Orphai's lead program LAM-001 into Quince's pipeline. New Phase 2 data with LAM-001 were presented at the American Thoracic Society conference in Orlando. U.S. The company plans to initiate a Phase 2b trial in PH-ILD in mid-2026 with data expected in the first quarter of 2028.

The financing was led by Balyasny Asset Management and includes participation from multiple healthcare investors. Upfront proceeds are expected to support advancement of LAM-001 through multiple clinical milestones. Data from a Phase 2 clinical trial in bronchiolitis obliterans syndrome are anticipated in the first quarter of 2027.

Data from a planned Phase 2 study in sarcoidosis associated pulmonary hypertension are expected in the fourth quarter of 2028. "We believe the new LAM-001 clinical data, combined with the caliber of the Orphai management team and high quality syndicate of investors in the PIPE, all reinforce the value of this transaction and highlight our strategy to build a focused, high-impact biotechnology company," said Dirk Thye, CEO and CMO of Quince.