Moringa Acquisition today announced amendments to its mewrger agreement with Silexion, a clinical-stage, oncology-focused biotechnology company. The deal still has a pre-transaction equity value of $62.5 million, based on a $10 share price.
If approved, the merger is is expected to close in the third quarter.
Silexion is focused on the development of treatments for solid tumor cancers which have the mutated KRAS oncogene. The company conducted a Phase 2a clinical trial which has shown positive results in comparison to the control study of chemotherapy alone. Silexion said it is committed to pushing the boundaries of therapeutic advancements in the field of oncology, and further developing its second generation product for locally advanced pancreatic cancer.
Changes to the deal include the forfeiture by the SPAC’s sponsor for retirement of all 2,875,000 founders shares, provided that up to 1,567,000 of those shares may be transferred to third parties for reduction of transaction-related fees, or to non-affiliate third-party investors that provide backstop financing, that enter into non-redemption agreements with the SPAC, or that provide other financial support
Moringa raised $100 million in a February 2021 IPO, although its current market cap is just under $42.7 million.
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