OTR Acquisition filed a Form S-4 and prelimanry proxy outling its proposed merger with Comera Life Sciences. The deal has an implied valuation of $258.4 million and an enterprise value of approximately 151.3 million.
A confidential S-4 was filed last month.
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 deal with OTR is expected to provide approximately $107 million in gross proceeds from the cash held in the SPAC’s trust. 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. Read more.
