Liminatus Pharma and Iris Acquisition announced they have entered into a definitive business combination agreement at a pro forma enterprise value of $334 million.
Liminatus is a clinical-stage biopharmaceutical company developing novel, immune-modulating cancer therapies.
If approved, upon closing Liminatus is expected to list on the Nasdaq.
The combined company is expected to receive gross cash proceeds of up to $316 million, comprising the $276 million held in Iris’ trust account (assuming no redemptions by public shareholders of Iris) and a concurrent, committed $15 million equity PIPE financing and $25 million convertible note financing with an initial conversion rate of $11.50 per share of common stock, subject to future adjustments based upon the price of Iris’ publicly traded common stock. The combined company will bear deferred underwriting commissions and transaction expenses out of the gross proceeds. Read more.
