Galecto Acquires Damora Therapeutics in $284.9 Million Deal

BOSTON, Nov. 10, 2025 — Galecto, Inc. announced the completion of its acquisition of Damora Therapeutics, Inc., a biotech company focused on antibody therapies for mutant calreticulin (mutCALR)-driven blood cancers. The acquisition also includes a successful Series C private placement that raised approximately $284.9 million, which is expected to fund operations into 2029.

The combined company aims to leverage Damora’s assets, including DMR-001, a monoclonal antibody that has shown approximately tenfold greater potency against Type 2 mutCALR models compared to a reference molecule. Dr. Hans Schambye, President and CEO of Galecto, emphasized that this acquisition positions the company to address significant unmet needs in the treatment of Myeloproliferative Neoplasms (MPNs), including Essential Thrombocythemia and Myelofibrosis.

“The acquisition of Damora marks a pivotal milestone for Galecto as we evolve our focus toward advancing Damora’s highly differentiated mutCALR portfolio,” Dr. Schambye stated. The joint pipeline is expected to improve disease-modifying therapies for patients living with hematological cancers.

Key timelines for the drug development include an Investigational New Drug (IND) application for DMR-001 anticipated in mid-2026, with first-in-human dosing planned shortly thereafter. The company also expects Phase 1 proof-of-concept data in 2027. Galecto plans to submit an IND for another investigational drug, GB3226, in the first quarter of 2026 as well.

The private placement attracted participation from several institutional investors, including Viking Global Investors and Wellington Management, further strengthening Galecto’s financial position.

“We believe we are well-positioned to drive these programs rapidly into the clinic,” added Peter Harwin, a new board member at Galecto. The company aims to deliver significant benefits to patients through the development of its new therapies.