The SPAC has obtained sufficient votes to approve the transaction but needs additional time to satisfy all closing conditions, according to Biotech’s press release. The record date for the vote remains unchanged as March 28.
There is a minimum closing condition of $75 million for this deal and had originally announced a PIPE of $24.3 million anchored by leading institutional investors, including Deerfield Management, Pfizer Ventures, Bristol Myers Squibb, MPM Capital and Osage University Partners.
Biotech, which raised $230 million at IPO, initially announced its $352.8 million deal with Blade Therapeutics on November 8. San Francisco-based Blade Therapeutics is developing three drug candidates as potential therapies against varying forms of organ fibrosis with its most advanced having completed Phase I.