Starton Therapeutics to go Public via Healthwell Acquisition Corp. I SPAC Merger for ~$374M
Shots:
- The combined company will have a pro forma enterprise value of $339M & an equity value of $374M with ~$250M held in a trust account at JPMorgan Chase Trust. The combined company will receive $50M incl. $35M held in trust & $15M in PIPE financing at $10.15/share in cash
- Starton existing stakeholders are also eligible for 25M shares in milestones in 3 equal tranches of 8.3M payable upon the combined company share price reaching (i) $12 for 20 trading days (ii) $14 for 20 trading days, or upon completing P-Ib trials for MM (iii) $16 for 20 trading days or upon completing the bridging study. The transaction is expected to close in H2’23
- The combined company will be renamed Starton Holdings Corp. & will be listed on NASDAQ with a focus on developing therapies for MM & chronic lymphocytic leukemia. Starton’s technology focuses to provide continuous delivery treatment for cancer patients
Ref: Businesswire | Image: Starton Therapeutics
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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.
