A preliminary proxy outlining merger terms with clinical-stage biopharmaceutical company Peak Bio was filed by Ignyte Acquisition.
The combined company is valued at $278 million. If shareholders approve, upon closing Peak Bio expects to list on the Nasdaq under the ticker symbol PKBO. The target is 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. Read more.
