Biotech Acquisition and Blade Therapeutics, a biopharmaceutical company in South San Francisco, have called off their business combination. The SPAC said it would forge onward in pursuit of an acquisition.
The SPAC previously reported that it had sufficient shareholder votes to approve the deal.
While the press release did not provide a reason for the breakup, Biotech Acquisition had twice postponed a shareholder vote on the deal, saying on both occasions it needed more time to satisfy the closing conditions.
One of those conditions had called for minimum cash consideration of $75 million. Read more.