London SPAC Ashington Agrees to $171.5M Deal with Biotech Firm

-listed Ashington Innovation has agreed to a reverse takeover with a biotech firm less than two months after floating with the intention of attracting a deal, Proactive reports.

Under the non-binding terms, Ashington will acquire 100% of the total issued equity of Cell Therapy for £135 million (US$171.5) in an all-share transaction, and will also seek a £3 million fundraise to finance the drug development program and working capital.

Cell Therapy is a clinical-stage firm with a portfolio of patented cellular medicines with a lead program that successfully completed an early-stage human clinical trial in heart failure. Read more.

Source: London SPAC Ashington Agrees to 1.5M Deal with Biotech Firm