Estrella to Go Public via TradeUP SPAC Merger for ~$398.5M
Shots:
- The combined company is expected to have a pro forma equity value of ~$398.5M & cash proceeds are expected to be ~$45.4M of TradeUP’s cash in trust. The transaction is expected to close in H1’23
- TradeUP’s stockholders will own ~11.1% & its founder sponsors, officers, directors & other stockholders will own ~3.6% while Estrella shareholders will hold ~81.6% of the combined company. TradeUP will be renamed "Estrella Immunopharma"
- Estrella's EB103, a CD19-redirected ARTEMIS T-cell therapy targeting CD19 & EB104, a CD19/22 duel-targeting ARTEMIS T-cell therapy that targets CD19 & CD22. By merging with Imugene's CF33-CD19t in the new "Mark & Kill" strategy, Estrella intends to expand the usage of CD19 ARTEMIS T-cell therapy into solid tumors
Ref: PRNewsswire | Image: Estrella
Click here to read the full press release
Neha is a Senior Editor at PharmaShots. She is passionate and very enthusiastic about recent updates and developments in the life sciences and pharma industry. She covers Biopharma, MedTech, and Digital health segments along with different reports at PharmaShots. She can be contacted at connect@pharmashots.com.
