PBAX - SPAC Phoenix Biotech to merge with immunology drug developer CERo

2023-06-05 17:00:17 ET

SPAC Phoenix Biotech Acquisition Corp. ( NASDAQ: PBAX ) has agreed to merge with T-cell therapy developer CERo Therapeutics (CERO).

The deal values CERo at a pre-money equity value of $50M. The market capitalization of the combined company is expected to be $145M. The minimum cash condition of the deal is $30M, according to the companies.

After the closing, shares of the combined company are expected to trade on Nasdaq under the symbol CERO. The deal is expected to close during the second half of the year.

The SPAC had been slated to merge with human milk drug developer Intrinsic Medicine. The deal was terminated in December 2022.

Phoenix Biotech went public in October 2021, raising $175M.

More on SPAC Phoenix Biotech:

Intrinsic Medicine and Phoenix Biotech Acquisition to terminate business combination

Human milk drug developer Intrinsic Medicine to merge with SPAC Phoenix Biotech

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