Serapha Bio launched via an all-stock reverse merger with Boundless Bio and raised $230 million in combined funding commitments led by RA Capital and RTW Investments to develop an in vivo base editing therapy for alpha-1 antitrypsin deficiency (AATD). The company’s lead program, SERP-01, targets the SERPINA1 PiZZ mutation and is backed by early clinical investigation activity in China. The financing structure includes $138 million in Series A funding plus additional capital tied to the merger process, providing Serapha resources to move toward later development milestones. The approach positions Serapha to translate a China-origin platform into broader clinical and commercial plans. For gene-editing investors and developers, the transaction is another sign of how “built-to-advance” strategies are being packaged for speed—combining a licensed asset with a public-market path and consolidated execution. Near-term watch items include clinical expansion plans, regulatory alignment for base-editing safety monitoring, and dose-optimization strategy.