Sagaliam Acquisition announced today that it has amended the non-binding term sheet for the purchase of Enzolytics to $450 million. The initial term sheet called for a purchase price fo $250 million.
Sagaliam expects to raise additional capital through a PIPE.
Enzolytics is a drug development company committed to commercializing its proprietary proteins and monoclonal antibodies to treat debilitating infectious diseases.
Sagaliam in March terminated a merger agreement with Arabian Entertainment.
The SPAC raised about $116 million in a December 2021 IPO, but lost almost 92% to redemptions in December 2022. The SPAC now holds nearly $10 million in trust. It’s facing a termination deadline of July 23, but can extend until April 23, 2024. Read more.
