Phoenix Biotech Acquisition Corp. (NASDAQ:PBAX) announced this morning that it has mutually agreed to terminate its combination with therapeutics company Intrinsic Medicine.
Similar to other SPACs, Phoenix Biotech disclosed that the two parties have decided to nix the deal due to the result of weakened markets. Chris Ehrlich, CEO and director of PBAX, noted in today’s press release, “After careful thought and consideration, we mutually determined that this action is in the best interest of all parties given current market conditions.”
Phoenix Biotech had just announced its $207 million business combination with Intrinsic Medicine on October 31. The therapeutics company expected to receive up to $178.8 million of cash held in trust through the deal.
PBAX, which originally had a timeline of 15 months, had a pending vote on December 16, to extend it’s deadline six months to July 8, 2023.
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