Peak Bio and Ignyte Acquisition entered into a definitive business combination agreement that values the combined company at $278 million.
If approved, upon closing Peak Bio expects to list on the Nasdaq under the ticker symbol PKBO.
The target is a clinical-stage biopharmaceutical company focused on developing the next-generation of therapeutics to treat oncology and inflammatory diseases.
The combined company is expected to have more than $82.5 million in gross proceeds from a combination of approximately $57.5 million in cash held in Ignyte’s trust account (assuming no redemptions) and more than $25 million from a fully committed PIPE.
The PIPE includes participation from a leading healthcare institutional investor, Palo Alto Investors and insiders, according to the news release. Read more.
