AEON Biopharma and Priveterra Acquisition today announced that at least $20 million in additional funding has been committed by existing AEON investors in support of the proposed merger.
AEON is a clinical-stage biopharmaceutical company focused on developing a proprietary botulinum toxin complex for the treatment of multiple debilitating medical conditions.
The commitments represent nearly half of the minimum cash requirement for the proposed transaction.
Terms call for Priveterra to acquire AEON for $165 million in stock, assuming no redemptions. Priveterra's sponsor has also allocated 50% of its common stock to an earnout based on achievement of certain clinical milestones.
Announced last month, the transaction values the combined company at a post-money equity value of $475.5 million and is expected to provide $276M in gross cash proceeds, including earnouts. Read more.