Aesther healthcare Acquisition in an 8-K disclosed it has secured a $60 million backstop with Vellar Opportunity Fund to support its merger with Ocean Biomedical, a next-generation biopharma company. The SPAC's shareholders approved the combination a week ago.
As announced in August, the deal had an expected combined pro forma enterprise value of approximately $345 million, which assumed no redemptions. In a follow-up regulatory filing, the deal was valued at $240 million.
Ocean Biomedical develops drugs and vaccines for treating cancers, fibrosis, and infectious diseases. Read more.
Source: Aesther Healthcare Locks in M Backstop to Support Approved Ocean Biomedical Deal