Isleworth Healthcare Acquisition announced a business combination agreement with Cytovia Holdings, a biopharmaceutical company. The deal has a a pro forma equity value of $602 million.
Florida-based Cytovia develops cell therapies and immunotherapies designed to empower natural killer (NK) cells to fight cancer through stem cell engineering and multispecific antibodies, according a news release.
If the deal is approved, Cytovia Therapeutics would list on the Nasdaq.
Terms call for the merged company to receive up to $227 million in gross proceeds from a combination of approximately $207 million in cash held in Isleworth’s trust account (assuming no redemptions) and a $20 million PIPE funded by new investors, and without considering the proceeds of any additional prospective financing.
All existing Cytovia equity holders will roll the entirety of their holdings into the combined company and are expected to hold approximately half of the issued and outstanding stock of the combined company immediately following the closing. Read more.
