Boundless Bio agreed to merge with Serapha Bio in an all-stock transaction valued at $230 million, consolidating the combined entity under the Serapha Bio name. After completion, the company is expected to trade on Nasdaq under the ticker “AATD,” with initial funding already largely secured via Serapha’s Series A. Alongside the merger, Boundless Bio said it will halt further development of its cancer asset BBI-940 after early clinical data did not support continuing the program. The combined company’s sole clinical focus becomes SERP-01, an in vivo base editing program for alpha-1-antitrypsin deficiency (AATD) targeting the SERPINA1 E342K mutation, licensed from YolTech Therapeutics. For investors and the biotech ecosystem, the deal reflects a rapid reshaping of portfolios toward platform-driven liver gene editing—while also showing how clinical read-through can trigger quick program exits.