Biotech company Abpro and Atlantic Coastal Acquisition II announced a term sheet to enter into a definitive business combination at an implied equity value of $725 million. The transaction is expected to close in Q2 of 2024.
The target is a biotechnology company focused on next-generation antibody therapies for severe and life-threatening diseases.
Details of the term sheet, as filed in an 8-K, call for Abpro investors to own 72.5 million shares in the combined company. In addition, 14.5 million shares would be subject to an earnout agreement.
The SPAC raised $250 million in a January 2022 IPO.
Brookline Capital Markets, a Division of Arcadia Securities, acted as a financial advisor to Abpro. Read more.
