Intrinsic Medicine and Phoenix Biotech Acquisition today announced a definitive merger agreement.
Assuming no redemptions of the SPAC’s shares, Intrinsic would receive up to $178.8 million of cash held in trust. The business combination reflects a pre-money equity value of $136 million for Intrinsic.
Phoenix CEO Chris Ehrlich said the SPAC’s management evaluated nearly 100 biotech companies before striking the deal with Intrinsic.
If approved, upon closing, which is expected in the first half of 2023, Intrinsic Medicine is expected to list on the Nasdaq under the ticker symbol INRX.
Intrinsic is a therapeutics company leveraging human milk biology to transform Gut-Brain Axis (GBA) and inflammatory disorders. Read more.
