- Clinical-stage biopharmaceutical firm ZyVersa Therapeutics will go public through a deal with SPAC Larkspur Health Acquisition ( NASDAQ: LSPR ).
- The combined firm will have an estimated pro forma enterprise valuation of ~$108.92M.
- Proceeds from the deal, estimated at ~$83.12M, are expected to comprise up to ~$77.67M of cash held in LSPR's trust account and ~$7M attributable to a private investment anchored by new institutional investors.
- Proceeds from the PIPE investment are expected to be used as working capital and to advance clinical evaluation of VAR 200 (for renal diseases) and progress IC 100 (for inflammatory diseases) into the clinic.
- The PIPE investment is conditioned on ZyVersa securing additional interim financing.
- After the deal closes, existing ZyVersa shareholders will retain 100% of their stakes and will own ~44.20% of the pro forma combined company.
- The combined company, which is expected to be named ZyVersa Therapeutics, will continue to operate under ZyVersa's management, led by CEO Stephen Glover.
- The new firm's stock is expected to be listed on Nasdaq under the ticker "ZVSA".
- Closing of the deal is expected to occur in Q4.
For further details see:
ZyVersa Therapeutics to go public through deal with SPAC Larkspur Health Acquisition