Royalty Pharma to Acquire GlycoMimetics for $200M

TL;DR

Royalty Pharma buying GlycoMimetics for $200M cash, deal expected Q4 2024.

AI Summary

GlycoMimetics, Inc. announced on July 24, 2024, that it has entered into a definitive agreement to be acquired by Royalty Pharma plc for $200 million in cash. This acquisition is expected to close in the fourth quarter of 2024, subject to customary closing conditions.

Why It Matters

This acquisition by Royalty Pharma could lead to significant changes for GlycoMimetics' drug development pipeline and its shareholders.

Risk Assessment

Risk Level: medium — The acquisition is subject to customary closing conditions, and there's always a risk of deals falling through or regulatory hurdles.

Key Numbers

• $200.0M — Acquisition Price (Royalty Pharma's cash offer for GlycoMimetics.)
• Q4 2024 — Expected Closing (Anticipated timeframe for the acquisition to be finalized.)

Key Players & Entities

• GlycoMimetics, Inc. (company) — Registrant
• Royalty Pharma plc (company) — Acquiring entity
• $200 million (dollar_amount) — Acquisition price
• July 24, 2024 (date) — Date of agreement
• fourth quarter of 2024 (date) — Expected closing period

FAQ

Key Financial Figures

• $0.001 — nge on which registered Common Stock, $0.001 par value GLYC The Nasdaq Stock Mar
• $3.6 million — y anticipates recognizing approximately $3.6 million in total charges in connection with the

Filing Documents

• glyc-20240724x8k.htm (8-K) — 49KB
• glyc-20240724xex99d1.htm (EX-99.1) — 23KB
• glyc-20240724xex99d1001.jpg (GRAPHIC) — 6KB
• 0001558370-24-010370.txt ( ) — 205KB
• glyc-20240724.xsd (EX-101.SCH) — 3KB
• glyc-20240724_lab.xml (EX-101.LAB) — 15KB
• glyc-20240724_pre.xml (EX-101.PRE) — 10KB
• glyc-20240724x8k_htm.xml (XML) — 5KB

05. Costs Associated with Exit or Disposal Activities

Item 2.05. Costs Associated with Exit or Disposal Activities. The Board of Directors (the " Board ") of GlycoMimetics, Inc. (the " Company ") has approved a streamlined operating plan that includes the exploration of strategic alternatives focused on maximizing shareholder value. The Company has concluded, following feedback from the U.S. Food and Drug Administration, that the regulatory path forward for its lead product candidate uproleselan for the treatment of relapsed and refractory acute myeloid leukemia would require an additional clinical trial. In connection with the streamlined operating plan approved by the Board, on July 24, 2024, the authorized officers of the Company committed the Company to a corporate restructuring that includes a reduction in the Company's workforce by 26 employees, or approximately 80% of its headcount. The Company expects to substantially complete the reduction by July 31, 2024. The Company anticipates recognizing approximately $3.6 million in total charges in connection with the headcount reduction, which costs are expected to be substantially recognized in the third quarter of 2024, with related cash payments expected to be paid out by the end of 2024 . These charges will consist primarily of one-time severance payments upon termination and continued benefits for a specified period of time . The Company expects such costs to be the only direct expense of the workforce reduction; however, t he charges the Company expects to incur are subject to a number of assumptions, risks and uncertainties, and actual results may materially differ. The Company may also incur other material charges not currently contemplated due to events that may occur as a result of, or associated with, these actions. Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. As part of the reduction in force described in Item 2.05 above, the employment of

01 Regulation FD Disclosure

Item 7.01 Regulation FD Disclosure. On July 25, 2024, the Company issued a press release related to the corporate restructuring and its plan to conduct a strategic review of its business. This press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference. The information provided in this Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the " Exchange Act "), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the " Securities Act ") or the Exchange Act, except as expressly set forth by specific reference in such filing.

Forward-Looking Statements

Forward-Looking Statements

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits (d) Exhibits 9, Exhibit Number Exhibit Description 99.1 Press release, dated July 25, 2024, "GlycoMimetics Announces Strategic Review and Corporate Restructuring Plan." 104 Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document) 3

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. GLYCOMIMETICS, INC. By: /s/ Brian M. Hahn Date: July 30, 2024 Brian M. Hahn Senior Vice President and Chief Financial Officer 4

View Full Filing

View this 8-K filing on SEC EDGAR