Varian Biopharmaceuticals and SPK Acquisition today announced plans to merge in a deal that values the business combination at $116M. Varian is engaged in the development of cancer treatments.
SPK, which currently holds approximately $50 million in gross proceeds in its trust account, will be renamed Varian Biopharma following the merger. No other funding sources are mentioned in the news release.
The cash proceeds from the transactions are expected to fund manufacturing, pre-clinical and IND-enabling toxicology studies, and “first-in-human” human clinical studies for an aPKCi inhibitor. Read more.
