OTR Acquisition announced the confidential submission of a draft registration statement on Form S-4 outlining its proposed business combination with Comera Life Sciences. The deal has an implied valuation of $258.4 million and an enterprise value of approximately 151.3 million.
The business combination agreement was included in an 8-K filing submitted today.
Comera is developing a new generation of bio-innovative biologic medicines to improve patient access, safety, and convenience, according to the news release. The transaction is expected to position Comera to accelerate the development and advancement of its internal portfolio of subcutaneous therapeutics.
The proposed business combination is expected to provide approximately $107 million in gross proceeds from the cash held in trust by OTR. All existing Comera investors are rolling 100% of their equity into the pro forma company.
The transaction also includes an earn-out to existing stockholders of Comera, consisting of approximately 3.15 million additional shares, which will be released to Comera stockholders if the share price is at or above $12.50 for 20 out of 30 consecutive trading days within two years post-closing.
An investor call with Comera and OTR has been rescheduled to Feb. 8 at 8:30 a.m. EST to discuss the deal. An audio webcast of the event will be available on the OTR Investor Relations website at https://otracquisition.com/investors/. Read more.
