Liminatus Pharma Entered into a Definitive Business Combination Agreement with Iris to Advance the Cancer Treatment
Shots:
- The combined company will have pro forma enterprise value of ~$334M, gross cash proceeds of ~$316M, $276M in Iris’ trust account & concurrent, $15M in equity PIPE financing at $10.00/share, and $25M convertible note financing with an initial conversion rate of $11.50/share of common stock. The transaction is expected to close in H1’23
- The new company will develop 3 cancer treatments (originated from Thomas Jefferson University) in the US & from Innobation in South Korea. The P-II trials for the GCC vaccine are currently being conducted to elicit immune responses against GCC-expressing colorectal, pancreatic, gastric & esophageal cancers
- The combined company will rename “Liminatus Pharma, Inc” & its common stock will list on the Nasdaq Capital Market
Ref: Businesswire | Image: Iris
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.
