Bison Capital Acquisition Corp. (“BCAC”), announced this morning that they have signed a definitive merger agreement with Xynomic Pharmaceuticals, Inc. Xynomic, is principally engaged in the research, development and commercialization of targeted cancer therapeutics in the U.S., Europe and China and focuses on orally delivered small molecule drugs.
Xynomic has in-licensed a clinical stage drug candidate from Pharmacyclics/AbbVie and a pre-clinical stage drug candidate from Boehringer Ingelheim. Additionally, Xynomic is collaborating with Janssen R&D, LLC in a clinical trial of a combination therapy.
Bison Capital has not filed an investor presentation or included any financial details on Xynomic, as of yet. We will further evaluate once that’s been provided.
CONSIDERATION
The merger consideration will be payable entirely in common stock of BCAC at a value of $10.15 per share consisting of:
- Closing consideration of $350 million in BCAC shares, and
- Earnout consideration of an additional $100 million in BCAC shares, subject to:
- If Xynomic obtains a worldwide exclusive license to a Phase II-ready oncology drug candidate on or prior to March 12, 2019 (to be identified)
3% of the initial BCAC shares payable to Xynomic shareholders in the merger and 3% of the earnout shares, when payable, will be held in escrow for a period of 18 months following the closing to serve as security for BCAC’s indemnity rights and any excess of the estimated closing merger consideration over the final closing merger consideration amount determined post-closing.
Israeli tech firms have made up an outsized proportion of SPAC activity and despite the ongoing tensions in its region, that dealmaking is continuing unabated. In fact, the SPAC named for the particular mission of taking Israeli firms public through SPACs, Israel Acquisition Corp. (NASDAQ:ISRL) in fact just took one step closer in completing that...
At the SPAC of Dawn Although the market has largely recovered from a negative stretch last week, the roller coaster is tilted back downward for Trump Media (NASDAQ:DJT), which slid -8% yesterday to $32.57 – one of its lowest points since closing with Digital World last month. Other SPACs and de-SPACs are having a more...
Remember the metaverse? Many do not. Meta’s (NASDAQ:META) attempted transition to virtually living and working seemed to mark a trend that went up and down quickly, but one SPAC deal has both survived that roller coaster and may rise with a second. Back in December 2022, Newbury Street (NASDAQ:NBST) announced a $1.85 billion combination with...
At the SPAC of Dawn Tucked into the bill that provides $95 billion in funding to American allies passed by the House this weekend is another measure that is likely to have far more impact on at least one pending deal in SPAC world. It would appear that the timing was fortuitous for TikTok rival...
With the passage this weekend of $95 billion in funding for Ukraine, Israel and Taiwan by the House of Representatives, some focus has gone back towards the defense sector, which has generally had a good year as a whole. But, SPACs have not been as active in defense, despite the fact that companies in the...