Altitude Acquisition announced a business combination agreement with Vesicor Therapeutics at a $70 million valuation.

Based in San Gabriel, CA, Vesicor is an early-stage biopharmaceutical company focused on the development of microvesicle-based therapeutics.

Altitude has about $10.3 million in trust. The Vesicor deal may be twrminated either side if it does not close by Oct. 1, with an automatic extension to Dec. 11 if the sec has not declared the registration statement effective.

The announcement coincides with the SPAC's termination of a deal with Picard Medical and unit SynCardia Systems. Terms for that cancelled deal called for the combined company to have at least $38 million in net cash at closing, according to a proxy that was filed in December. Read more.

Source: Altitude Acquisition Merging with Vesicor Therapeutics in M Deal