Aesther Healthcare Acquisition today announced a merger agreement with Ocean Biomedical. The deal has an expected combined pro forma enterprise value of approximately $345 million, assuming no redemptions
The combined company will work to accelerate the development of Ocean Biomedical’s core assets in oncology, fibrosis, and infectious diseases, all based on new target discoveries enabling first-in-class drug and vaccine candidates – developed through past and ongoing grants of $123.9 million.
If approved, upon closing Ocean Biomedical stock and warrants are expected to be listed on the Nasdaq under the symbols OCEA and OCEAW.
Aesther also signed a confirmation agreement for an up to $40 million committed backstop by Vellar Opportunity Fund SPV – Series 3. Additionally, the deal includes a contingent earnout payable to the Ocean Biomedical stockholders and the sponsor. The proposed transaction is expected to be completed in the fourth quarter.
Today’s announcement comes just a month after Aesther terminated a deal with United Gear. That abandoned transaction was announced in May.
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