Seres Therapeutics, Inc. (MCRB): M&A transaction — Seres completes VOWST sale to Nestlé for ~$175M gross; debt retired, runway to Q4 2025

Seres Therapeutics, Inc.

Received ~$175M gross at close: $100M upfront, $60M prepaid milestone, $15M equity; net ~$155M after ~$20M settlement.
Repaid $128M to Oaktree, terminating $110M term loan; debt fully retired.
Expects $50M installment in Jan 2025, $25M in July 2025; up to $275M future milestones tied to VOWST sales.
Focus shifts to SER-155 (promising Phase 1b allo-HSCT data), SER-147; headcount cut from ~200 to ~100.
Cash runway extended into Q4 2025; plans to seek Breakthrough Therapy designation for SER-155.

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Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Seres Therapeutics, Inc. completed a disposition involving Société des Produits Nestlé S.A. for $100.0 million, less approximately $17.9 million owed by Seres to an affiliate of SPN as of March 31, 2024 under the existing license agreement between Seres an (closed 2024-09-30).

Action: disposition
Counterparty: Société des Produits Nestlé S.A.
Consideration: $100.0 million, less approximately $17.9 million owed by Seres to an affiliate of SPN as of March 31, 2024 under the existing license agreement between Seres an
Closing: 2024-09-30

Exact text from the filing

On September 30, 2024, Seres completed the previously announced sale (the “ Transaction ”) of the VOWST Business, including inventory and equipment, certain patents and patent applications, know-how, trade secrets, trademarks, domain names, marketing authorizations and related rights, documents, materials, business records and data and contracts that are used or held for use primarily in the development, commercialization and manufacturing of the microbiome product sold under the brand name VOWST as provided for in accordance with the terms of the Purchase Agreement (the “ Product ”), pursuant to the Asset Purchase Agreement, dated as of August 5, 2024 (the “ Purchase Agreement ”), by and among the Company and SPN, and a wholly-owned subsidiary of Nestlé S.A.

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Seres Therapeutics, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-24-230144

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