Medicus Sciences (MSAC) Signs LOI with Anteris Technology

Medicus Sciences Acquisition Corp. (NASDAQ:MSAC) filed an 8-K this morning disclosing that it has signed a non-binding letter of intent (LOI) for a potential business combination with medical technology company Anteris Technologies Ltd (“Anteris”), but did not provide any other details.

Australia-based Anteris is a structural heart company helping healthcare professionals to create life-changing outcomes for patients through its Better Science and Better Design technologies.

SPACs are not typically obligated to disclose discussions at this stage.  However, in Anteris’ case, it was required to make a public announcement disclosing that it had been approached by the company due to applicable Australian securities laws.

This is not the same as a definitive agreement (DA) and Medicus Sciences will remain in our “searching” column until a DA is actually singed and announced. There is no guarantee that the parties will come to an agreement on a definitive merger and we have seen LOIs announced in the past only for the SPAC to sign a DA with a different target weeks later.

Medicus has a little over a year left to find a target with a deadline of February 18, 2023, giving it plenty of time to sign a DA.