Viking in PIPE Investment in Galecto

Cleary Gottlieb represented Viking Global Investors (Viking) in its participation in an approximately $285 million private investment in public equity (PIPE) transaction executed concurrently with Galecto Inc.’s acquisition of Damora Therapeutics Inc., a privately held biotechnology company advancing a pipeline of antibody therapeutics aimed at transforming the treatment of mutant calreticulin- (mutCALR)-driven Myeloproliferative Neoplasms (MPNs), including Essential Thrombocythemia (ET) and Myelofibrosis (MF).

The private placement of Series C non-voting convertible preferred stock was led by Fairmount and included participation from various investors, including Viking. The private placement resulted in gross proceeds of approximately $284.9 million and is expected to fund operations into 2029, enabling advancement of Damora’s lead program, DMR-001, through key Phase 1 proof-of-concept data expected in 2027, as well as pipeline programs, DMR-002 and DMR-003, into Phase 1 studies.

The transaction was announced on November 10, 2025.

Galecto Inc. is clinical-stage biopharmaceutical company focusing on novel treatments for cancer and liver diseases.

Damora Therapeutics is advancing a new generation of disease-modifying biologics to transform treatment for patients with myeloproliferative neoplasms (MPNs).

For more information, please see the press release.

The Cleary M&A team included partner John Kupiec and associate Megha Vyas. Partner Jason Factor advised on tax matters. Partner Adam Fleisher advised on capital markets matters.