Biotech Acquisition in a regulatory filing said it had entered into a common stock purchase agreement with CF Principal Investments, an affiliate of Cantor Fitzgerald, for up to $75 million.
Under terms of the agreement, following the closing of the SPAC’s proposed merger with Blade Therapeutics, the surviving company will have the right to sell the stock to CFPI from time to time at its option.
As announced in November, the transaction is expected to provide a pro forma cash balance of approximately $254.3 million before deducting estimated expenses of $25 million and including an approximately $24.3 million PIPE, as well as the $230 million in the SPAC’s trust, assuming no redemptions.
PIPE financing is anchored by Deerfield Management, Pfizer Ventures, Bristol Myers Squibb, MPM Capital and Osage University Partners.
Blade Therapeutics is focused on developing treatments for debilitating, incurable fibrotic and neurodegenerative diseases. Its merger agreement with Biotech Acquisition was initially expected to close during the first quarter. Read more.
