Processa Pharmaceuticals has acquired Vidya Therapeutics through a reverse merger, the company said. The transaction was completed in July 2026, according to the source. The purchase price was not disclosed in the sources.
The acquisition was accompanied by a concurrent private placement financing of approximately $200 million, which the source says established the foundation for Processa's current drug development strategy.
Processa, a clinical-stage biopharmaceutical company developing treatments for immunological and inflammatory diseases, said the deal supports its focus on advancing VT-7208, a once-daily oral Bruton's tyrosine kinase inhibitor designed to penetrate the central nervous system. The company is planning Phase 2 proof-of-concept studies of VT-7208 in food allergy, chronic spontaneous urticaria and relapsing multiple sclerosis, and recently received clearance from the U.S. Food and Drug Administration for an investigational new drug application supporting a planned Phase 2 study in chronic spontaneous urticaria.
Following the transaction, Processa appointed four senior executives: Gregory J. Flesher as Chief Operating Officer; Craig Coburn, Ph.D., as Executive Vice President and Head of Research; Ashley Hall, J.D., as Executive Vice President, Development; and Michael P. Cruse as Executive Vice President, Business Operations. The source notes that Coburn has served as a scientific advisor to Vidya Therapeutics since 2024 and was directly involved in the invention of VT-7208.
"As we advance our Bruton's tyrosine kinase inhibitor VT-7208 across multiple immune-mediated diseases and continue to expand our pipeline, we are excited to be building the leadership team for Processa's next stage of growth," said Sheila Gujrathi, M.D., Executive Chair of Processa's Board of Directors.
Processa also announced a research collaboration and exclusive option agreement with Generian Pharmaceuticals to advance a preclinical oral neonatal Fc receptor antagonist program targeting immune-mediated diseases.