Sagaliam Acquisition Corp. (SAGA) Amends LOI with Enzolytics
by Marlena Haddad on 2023-06-30 at 10:07am

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.

 

Recent Posts
by Nicholas Alan Clayton on 2024-02-28 at 7:58am

At the SPAC of Dawn NVIDIA’s (NASDAQ:NVDA) market cap is about 10% of the entire Nasdaq, so the notion that its own rise would float many boats is something of a given. But, it has also been specifically instrumental in the recent gains by a number of de-SPACs in the AI technology space. Soundhound (NASDAQ:SOUN)...

by Nicholas Alan Clayton on 2024-02-27 at 1:32pm

News and Rumors MarketWatch: Benchmark analyst Josh Sullivan said he believes the Moon landing by Inflection Point‘s Intuitive Machines (NASDAQ:LUNR) will be a catalyst for more investment in the commercial space industry, which has been cash-strapped in recent years. PR: Securities and crypto trading platform Coincheck, which has a pending combination with Thunder Bridge IV,...

by Nicholas Alan Clayton on 2024-02-27 at 7:45am

At the SPAC of Dawn Market-watchers will get their first of this week’s series of macro hints today as durable goods sales figures are set to come out at 8:30 am ET followed by home price numbers at 9 am ET. The Richmond and Dallas Feds are then to release their own services indices an...

by Nicholas Alan Clayton on 2024-02-26 at 1:45pm

News and Rumors PR: Medtech firm Agiliti (NYSE:AGTI) has agreed to be acquired by an affiliate of private equity firm Thomas H. Lee Partners (THL) at $10 per share and an enterprise value of $2.5 billion. This represents a 43% premium over the company’s 90-day VWAP and returns it to 100% ownership by THL five...

by Nicholas Alan Clayton on 2024-02-26 at 7:42am

At the SPAC of Dawn The last week of February is to host a moderate amount of SPAC votes and also the potential for some market-moving data releases. Shareholders for five SPACs are to consider extensions this week and seven more SPACs have scheduled completion votes. But, among the more interesting events on the agenda...

logo

Copyright © 2023 SPACInsider, Inc. All Rights Reserved