BioPlus Acquisition Corp. (BIOS) Terminates Avertix Deal, Will Liquidate
by Nicholas Alan Clayton on 2023-10-04 at 8:18am

BioPlus (NASDAQ:BIOS) announced this morning that it has mutually terminated its combination with medical device company Avertix.

Unlike with many terminations seen recently, this parting of ways does not appear to have come directly as a result of discouraging redemption results ahead of a major vote and the two sides are still well away from their December 31 outside date.

But, Avertix said in the press release that the two sides “agreed that the current market conditions are not conducive to completing the transaction on terms acceptable to both BIOS and Avertix stakeholders”.

At issue could have been the difficult terms for securing additional outside capital. BioPlus planned to pull together a $50 million PIPE at announcement and was beholden to a $40 million minimum cash condition. The two sides had not made any financing announcements since and in the current risk-off environment, many of the options available require concessions from either sponsor or target.

BioPlus CEO Ross Haghighat has insight into both sides interest as he also already has been serving as Avertix’s executive chairman and will continue on there despite the termination. It is the end of the road for BioPlus, however.

The SPAC noted that it will not seek an alternative business combination and will liquidate as soon as practicable beginning October 4 with a redemption rate of $10.79 after dissolution expenses.

Though unfortunate, the moves come alongside a bright spot of news among biotech de-SPACs as POINT Biopharma (NASDAQ:PNT) just announced it has agreed to be acquired at $12.50 per share by peer Eli Lilly (NYSE:LLY).

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