Jim Sherblom’s Comera Life Sciences has inked a SPAC merger. The subcutaneous delivery specialist is set to generate around $107 million through the deal to fund work on partnerships and internal programs.
Massachusetts-based Comera, formerly known as ReForm Biologics, is focused on making biologic formulations less viscous through the use of excipients. Viscosity is a barrier to subcutaneous delivery. Reducing the volume of a formulation to enable subcutaneous delivery boosts protein concentration and, by extension, viscosity. The resulting highly viscous liquids cannot be given subcutaneously.
Comera has generated evidence it can improve viscosity. One study found a caffeine-based excipient reduced the viscosity of infliximab, also known as Remicade, by 77% versus the control. Similar changes in the viscosity of ipilimumab, Yervoy, were achieved.
Two companies, described by Comera as a leading U.S. biotech and a top 10 global pharma, have bought into the idea, securing options to license assets based on the technology once technical evaluations are complete.
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Comera plans to strike more partnerships while advancing a pipeline of internal programs. The first two programs are subcutaneous formulations of marketed antibodies used in inflammatory bowel disease and immuno-oncology indications. Comera is aiming to file INDs in 2024 and puts combined peak sales of the two assets at up to $1.3 billion.
Merging with OTR Acquisition Corp. will provide Comera with the money to fund its plans. OTR has $107 million in cash and plans to merge with Comera to create an organization with an enterprise value of around $151 million.
The merger comes 11 months after ex-Genzyme executive Sherblom joined the company to lead a new business strategy focused on subcutaneous delivery of biologics. Sherblom oversaw the restructuring of the business, a move designed to improve access to capital markets, and took up the executive chairman position in the first few months after coming on board. Last week, ReForm changed its name to Comera.