GlycoMimetics Inc. has announced an update regarding its merger transaction with Crescent. The company has revised its previous merger plans, selecting Crescent and "Party A" as the final two viable options for a reverse merger. On September 10, 2024, GlycoMimetics directed Lucid to present a proposed term sheet to Party A, which was subsequently revised by Party A on September 12, 2024. The merger will involve two stages: First, the First Merger Sub will merge with Crescent, making it a wholly owned subsidiary of GlycoMimetics. Following this, Crescent will merge into the Second Merger Sub, with the latter becoming the surviving entity. Post-merger, the Second Merger Sub will be renamed "Crescent Biopharma Operating Company, LLC," and GlycoMimetics will become "Crescent Biopharma, Inc." The merger has received unanimous approval from the boards of both GlycoMimetics and Crescent.