In a transaction that illustrates how struggling clinical-stage biotechs are increasingly being repurposed as vehicles for more promising assets, Boundless Bio (Nasdaq: BOLD) announced Tuesday it has entered into a definitive all-stock merger agreement with privately held Serapha Bio. The deal will see Serapha combine with Boundless Bio and effectively take over the public company, pivoting the combined entity away from Boundless’s cancer research and toward Serapha’s gene editing therapy for a serious inherited disease. Boundless Bio shares surged approximately 75% on the news to around $2.50.