Pardes Biosciences

01 / WHAT IT BUILT

What the company did

Pardes Biosciences, Inc. was a Carlsbad, California biotech founded in 2020 to develop novel oral antiviral therapeutics, starting with COVID-19. Its lead candidate was pomotrelvir (PBI-0451), a viral protease inhibitor designed as an oral therapy for SARS-CoV-2 infections. The company went public on Nasdaq in December 2021 via a reverse merger with the SPAC FS Development Corp II, raising about $126.6 million in total, with PIPE financing co-led by Gilead Sciences and Foresite Capital.

03 / EVENT HISTORY

Events in the structured record

1. 2020
   Founded

   Pardes Biosciences was founded in 2020 to develop oral antivirals; CEO Uri Lopatin (later Thomas G. Wiggans) led the pomotrelvir (PBI-0451) program.

2. 2021
   SPAC listing

   Pardes listed on Nasdaq in December 2021 via a reverse merger with FS Development Corp II, with a $75 million PIPE co-led by Gilead Sciences and Foresite Capital.

3. 2023
   Trial failure and wind-down

   In April 2023, pomotrelvir failed its Phase 2 primary endpoint (70% undetectable vs 63% placebo, p=0.57); the board suspended clinical development, cut ~85% of staff and wound down R&D, launching a strategic-alternatives review with $172 million in cash.

4. 2023
   Acquired by MediPacific

   On August 30, 2023, MediPacific — controlled by Foresite and its partner James Tananbaum — closed its tender offer at $2.02–$2.19 per share plus a contingent value right on 80% of proceeds from selling Pardes programs within five years; Pardes became a wholly owned MediPacific subsidiary and ceased trading on Nasdaq on August 31, 2023.