Passage Bio agrees to reverse merger with Remix; Remix equity value $226M; $100M concurrent financing

Passage BIO, Inc.

Remix ascribed equity value of $226M; Passage Bio's equity value ~$20M, subject to net cash adjustment at closing.
Remix CEO Peter Smith, Ph.D., to lead combined company; Remix will designate all 9 board members.
Remix stockholders owning ~93% of capital stock signed support agreements to vote in favor; $100M concurrent financing committed.
Passage Bio terminates Catalent manufacturing agreement and PBFT02 license with Penn, winding down gene therapy programs.
Passage Bio stockholders receive CVRs for potential proceeds from existing license agreements, but payments not assured.

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