Alpha Healthcare III (NASDAQ:ALPA) announced this morning that it has signed a non-binding LOI for its combination Carmell Therapeutics to acquire an unnamed commercial-stage biotech firm for about $65 million.
The consideration would come in the form of $8 million in cash and $57 million in combined Carmell stock at close plus $75 million in potential milestone payments paid out along the same split (12% cash and 88% shares). This target company’s shares would be locked for 12 months following close.
The $140 million total potential value of this acquisition comes close to doubling the scale of the initial combination with Carmell, which was struck at $188 million enterprise value. Pittsburgh-based Carmell is developing a treatment platform to accelerate healing in bone fractures and soft tissue wounds.
It could also provide Carmell with some cash flow nearer at hand post-close as the target generated about $5 million in EBITDA from $50 million in revenue during the 12 months ending March 31, 2023.
The target also has a sales contract in place with a purchasing organization with coverage in about 1,500 US hospitals. Carmell’s therapies on the other hand remain at the clinical stage with its most advanced candidates undergoing Phase II trials.
This acquisition agreement remains non-binding, however, and may not come to fruition. In the meantime, it may serve as an amuse-bouche for Alpha Healthcare III investors as they head into a completion vote for the Carmell deal on July 11.
Terms Tracker for the Week Ending June 27, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. June continued its late-month rally with another five SPAC IPOs pricing this week, bringing the monthly total to 10 and the 2025 year-to-date count to...
Blueport (NASDAQ:BPACU) has filed for a $69 million SPAC that would bring another first-time sponsor team to market. The new SPAC is offering investors a right to a 1/6 share in each unit and it will have 15 months to complete a business combination. It is underwritten by Alliance Global Partners and will not be...
At the SPAC of Dawn The markets appear to poised to continue a rosy week with futures in the green in anticipation of PCE inflation readings. Space is one of the sectors feeling the most love recently and launch services firm Rocket Lab (NASDAQ:RKLB) is keeping up the momentum, scheduling two launches within 48 hours...
FIGX Acquisition Corp. (NASDAQ:FIGXU) announced the pricing of its $131 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “FIGXU”, Friday, June 27, 2025. The new SPAC aims to seek out a financial services target with a particular focus on wealth and asset managers with the potential to...
Yorkville Acquisition Corp. (NASDAQ:YORKU) announced the pricing of its $150 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “YORKU”, Friday, June 27, 2025. The new SPAC plans to combine with a target company in the telecom, media or technology sectors. Yorkville Acquisition Corp.’s management team is led...