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.
Terms Tracker for the Week Ending November 24, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. This being the Thanksgiving holiday week, we are thankful for a lot of things, but mostly that 2023 is almost over. It’s been a rough...
At the SPAC of Dawn Though perhaps stuffed to the brim, SPAC activity continues this Thanksgiving Friday with votes by Clean Earth and Zalatoris to extend a deadline and amend trust contributions, respectively. At least seven de-SPACs are also reporting earnings today and will do so going into a futures market that is mostly green...
IB Acquisition Corp. submitted its S-1 filing Friday afternoon for a $100 million IPO, coming right on the heels of Bayview Acquisition Corp, which also filed its S-1 that day. IB is also similar to Bayview in that its units do not feature a warrant but include 1 right for 1/10. However, its trust is slightly...
Integrated Wellness (NYSE:WEL) announced in an 8-K filing that it agreed to transfer control of its sponsor to Sriram Associates, which will now take on the SPAC’s financial obligations and may appoint a new team. Sriram is acquiring 2,012,500 promote shares (70%) and 4,795,000 private placement warrants (70%) for the nominal purchase price of $1....
At the SPAC of Dawn So far, seven SPACs have announced their liquidations this week and although some others may choose to use the holiday to quietly disband, this tends to be a positive week for equities in general. Going back to 1961, the S&P 500 has ended the Thanksgiving week with gains three-quarters of...