Brookline Capital filed a preliminary proxy and prospectus on its proposed acquisition of clinical-stage biopharmaceutical company Apexigen. The deal values the merged enterprise at $205 million.
If approved, upon closing Apexigen will continue to be led by President and CEO Xiaodong Yang, and the company expects to list on the Nasdaq under the ticker symbol APGN.
As announced less than a month ago, gross proceeds on the deal would be approximately $73 million, funded by $58 million in cash held in Brookline Capital’s trust account (assuming no redemptions) and $15 million from a fully committed PIPE that includes participation from healthcare institutional and individual investors. This does not include proceeds from Lincoln Park Capital’s $50 million committed equity line.
In addition, Brookline Capital and Lincoln Park have entered into a committed investment agreement and related registration rights agreement under which the merged company will have the right to direct Lincoln Park to purchase up to an aggregate of $50 million of common stock over a 24-month period.
Apexigen’s wholly owned pipeline is focused on innovative antibody-based therapeutics for oncology. Read more.
