Florida-based Processa Pharmaceuticals (Nasdaq: PCSA) has acquired Vidya Therapeutics, a private clinical-stage company developing VT-7208, a CNS-penetrant covalent Bruton's tyrosine kinase inhibitor (BTKi). The stock-for-stock transaction is paired with an approximately USD 200 million concurrent private placement intended to fund three parallel Phase II proof-of-concept programs. The deal pivots Processa, a US company previously focused on optimizing legacy drug candidates, into the active BTKi competitive landscape spanning food allergy, chronic spontaneous urticaria (CSU), and relapsing multiple sclerosis (RMS).
The acquisition was structured as a stock-for-stock exchange in which all outstanding Vidya equity interests were converted into shares of Processa stock. The concurrent private placement, which closed July 30, 2026, issued 163,774.679 shares of Series A preferred stock at USD 1,221.19 per share (USD 1.22119 on an as-converted basis), generating approximately USD 200 million in gross proceeds before expenses. Investors include Bain Capital Life Sciences, RA Capital Management, Janus Henderson Investors, Cormorant Asset Management, and Soleus Capital, among others. Proceeds are expected to fund operations into the second half of 2029.
VT-7208 is a once-daily oral covalent BTKi designed to achieve potent, selective, and durable BTK inhibition at lower doses than earlier-generation agents. Its CNS-penetrant profile enables measurable drug exposure in cerebrospinal fluid, supporting the RMS program alongside peripheral immunology indications. Phase I data demonstrated robust and sustained BTK target engagement, dose-dependent pharmacokinetics in both the cerebrospinal fluid and periphery, and no serious adverse events. Processa plans to initiate Phase II studies in food allergy and CSU in the second half of 2026, and in RMS in the first half of 2027, with top-line data anticipated across all three indications between the second half of 2027 and the second half of 2028.