Swiftmerge Acquisition in an 8-K said it terminated a merger agreement with HDL Therapeutucs. The decision was mutual and no termination fee or other payment is due to either party.
Swiftmerge has a March 15 deadline to complete a deal. The SPAC in the regulatory filing did not say what its next move would be.
The $480 million deal was announced last August.
HDL is a commercial stage biotech company with an FDA-approved cardiovascular therapy the Plasma Delipidation System (PDS-2™ System) for reducing coronary atheroma in patients with homozygous familial hypercholesterolemia. Cholesterol and calcium deposits are the common culprits behind this arterial condition.
Investors in HDL Therapeutics were expected to receive a combination of cash and equity in Swiftmerge totalling $400 million, subject to adjustments. Read more.
