Isleworth Healthcare Acquisition said it terminated its merge agreement with Cytovia Holdings, a biopharmaceutical company focused on stem cell engineering and multispecific antibodies to treat cancer.
The termination is effective immediately, and contains mutual releases and covenants not to sue.
Announced in April, the deal was valued at $602 million. Three weeks ago today the SPAC eliminated the $50 million minimum cash amount and replaced that provision with new terms consisting of $5 million, plus Isleworth’s transaction expenses and enough cash for the combined company to operate for a year.
Neither the press release nor a subsequent 8-K filing gave a reason for the termination, although in the 8-K Isleworth management said the SPAC “is currently assessing whether it should extend its life and the life of the trust maintained for the benefit of its public holders of common stock, and seek an alternative business combination.” Read more.
