SPK Acquisition filed a preliminary proxy and prospectus outlining its proposed merger with oncology therapeutics company Varian Biopharmaceuticals.
The business combination is valued at $116 million.
Terms call for Varian Bio to merge with a wholly owned subsidiary of SPK. The SPAC, which currently holds approximately $50 million in gross proceeds in trust, will be renamed Varian Biopharma if the merger is approved. The cash proceeds from the transactions are expected to fund manufacturing, pre-clinical and IND-enabling toxicology studies, and human clinical studies.
A meeting date for the shareholder vote has not yet been set. Read more.
