Sagaliam (NASDAQ:SAGA) announced this morning that it has amended a non-binding letter of intent (LOI) for the purchase of Biogenysis, Inc. and Virogentics Inc., operating subsidiaries of Enzolytics Inc. (Pink: ENZC).
The LOI was initially announced on April 17, but at that time, the parties expected a definitive agreement to be finalized by May 19.
Today’s amendment significantly increases the combined purchase price from $250 million to $450 million. Sagaliam plans to raise additional capital through a PIPE transaction.
Virogentics intends to use the funds raised to support clinical trials of its anti-HIV therapeutic ITV-1, complete the African Project, and advance the marketing of its IPF Immune.
As for Biogenysis, it will use the funds to finalize the production and testing of species-specific monoclonal antibodies for COVID-19, HIV, and Feline Leukemia. This funding will enhance Biogenysis’ drug discovery capabilities using proprietary AI technology, expand its IP portfolio, and advance healthcare towards predictive, preventive, personalized, and participatory medicine.
Further details and clarification on the transaction will be provided as final terms are negotiated.
Earlier this year, Sagaliam terminated its proposed merger with Arabian Entertainment Company (AEC), just a few months after their deal announcement.
The SPAC originally raised approximately $116 million in total gross proceeds from its December 2021 IPO. However, it saw 91.68% of its trust removed during a December 2022 meeting, leaving it with roughly $9.8 million post-vote. It currently has a completion deadline of July 23, but can extend its timeline until April 23, 2024.
A look at Plus’ software-first approach to autonomous trucking. After years of investment and excitement, the dawn of self-driving cars and trucks is now here. The question now is which business model among autonomous driving technology companies will win out? This week, we speak with David Liu, CEO of autonomous trucking company Plus. Plus announced...
At the SPAC of Dawn One thing that SPAC investors can typically count on while their money is invested in a SPAC’s trust is that it is going to grow one way or the other between now and their next redemption opportunity, but the devil can occasionally be in the details. In 2024, it became...
Thunderstone has filed for a $50 million SPAC to put a new first-time Asia-based team in action on a generalist hunt. The new SPAC is offering investors a right to a 1/8 share in each unit with 18 months to initially complete a business combination. It is the 8th fresh S-1 filed with underwriter D....
At the SPAC of Dawn In a trading session that may find itself built around the release of Fed minutes at 2 pm ET this afternoon, a pair of SPAC targets have added their own fresh information to the mix. Enterprise AI firm Fusemachines, which has a pending combination with CSLM (OTC:CSLMF), put out a...
Globa Terra Acquisition Corporation (NASDAQ:GTERU) announced the pricing of its $152 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “GTERU”, Wednesday, July 9, 2025. The new SPAC plans to mount a search for a target in the agriculture, agtech or biotech sectors with an emphasis on water...