Apollomics, the cancer drugmaker, to merge with SPAC Maxpro
Jump to heading Apollomics, the cancer drugmaker, to merge with SPAC Maxpro
Apollomics Inc., a cancer pharmaceutical, has decided to go public via a combination with blank check company Maxpro Capital Acquisition Corp.
According to a statement released Wednesday, the sale values the business at over $1 billion, providing Maxpro shareholders do not redeem their shares before the transaction completes. This includes $105 million in anticipated securities-sale proceeds, which Apollomics intends to maintain on its balance sheet for future expansion prospects.
"Our aim was to discover an interesting business with a developing pipeline of unique product candidates that might favorably impact the lives of millions of people," Maxpro CEO Moses Chen said in a statement.
Following a record year in 2021, the market for special purpose acquisition companies has experienced a slump. According to Bloomberg statistics, SPACs raised $15.4 billion in initial public offerings this year, a decrease of 88% from the same time in 2021.
According to its website, Apollomics is developing nine different medications for difficult-to-treat kinds of lung cancer and leukemia.
Maxpro, sponsored by Taiwanese venture capital company Maxpro Ventures Ltd., garnered around $104 million in an initial public offering last year.
After the purchase concludes in the first quarter, Apollomics is planned to trade on the Nasdaq Global Market under the ticker APLM.
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(Endi Corp and its affiliated Registered Investment Advisors do not own a position in Maxpro Capital Acquisition Corp. as of September 15, 2022.)
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