Ocean Biomedical to Go Public via Aesther Healthcare SPAC Merger for ~$345M
Shots:
- Aesther entered into an agreement with Ocean Biomedical at a pro forma enterprise value of ~$345M, committed backstop of ~$40M provided by Vellar opportunity fund SPV LLC - series 3. The transaction is expected to close in Q4’22
- The proposed transaction includes a contingent earnout payable to stockholders of Ocean Biomedical & sponsor. The companies will advance the development of Ocean Biomedical’s core assets in oncology, fibrosis & infectious diseases, based on new target discoveries for drug & vaccine candidates
- The combined company will be renamed “Ocean Biomedical, Inc.” while its common stock & warrants will be listed on Nasdaq, under the symbols "OCEA" & "OCEAW", following the closing of a transaction. Ocean Biomedical will be a wholly owned subsidiary of Aesther
Ref: GlobeNewswire | Image: Aesther Healthcare
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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.
