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Merck to buy private biotech Caraway in neuroscience deal

November 21, 2023

Caraway raised a small Series A round of $23 million in 2018, backed by several pharmaceutical venture arms, including Merck’s.

At the time, the company went by the name of Rheostat Therapeutics. It rebranded to Caraway one year later, but kept its focus on developing treatments for rare and neurological diseases that work by “restoring cellular balance.”

While the company has kept a low profile since, Merck appears to have liked what it’s seen from the company’s emerging pipeline.

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