Healthwell Acquisition I announced that Starton Therapeutics terminated the parties’ merger agreement. The conditions to closing were not satisfied or waived by the Nov. 3 outside date, the SPAC said.
The parties in September hacked 33% off the minimum cash consideration.
Healthwell plans to seek an alternative business combination.
A vote on the $339 million deal was pushed back twice in October, then postponed. The Healthwell I shareholder meeting was to be rescheduled “as soon as practicable,” the SPAC said at the time.
Then, Healthwell I in a proxy filing last week proposed a deadline extension from Dec. 5 to Aug. 2, 2024. A shareholder vote on that matter is scheduled for Dec. 4.
Starton develops drug delivery systems primarily for use in cancer therapies.
Healthwell I raised $250 million in an IPO more than two years ago. Redemptions since then have claimed about three-fourths of the trust. Read more.
