Veraxa Biotech Set for Nasdaq Debut in $1.6B SPAC Merger
Deal News | Apr 23, 2025 | EIN
Veraxa Biotech, a German cancer therapy company backed by Xlife Sciences, is set to go public through a special purpose acquisition company (SPAC) merger with Voyager Acquisition. The deal values Veraxa at $1.6 billion and will provide the company with $253 million in cash. Veraxa is focused on developing cancer therapies using antibody-drug conjugates and T cell engagers. This move comes amidst renewed interest in SPACs, despite prior setbacks. The merger will see Veraxa trading on Nasdaq with the symbol VERX. The biotech firm is also securing additional crossover financing to support its operations for the next two years, positioning itself in a market poised for substantial growth. Most of Veraxa's drug pipeline is in the discovery phase, with plans for strategic partnerships and expansion.
Sectors
- Biotechnology
- Financial Services
Geography
- Germany – Veraxa Biotech is a German company, which forms the primary focus of the article.
- United States – The company is set to trade on the Nasdaq, a United States-based stock exchange.
Industry
- Biotechnology – The article discusses Veraxa Biotech, which operates in the biotechnology sector by developing cancer therapies.
- Financial Services – The merger involves financial transactions, including SPAC activities, highlighting the role of financial services in facilitating public market entries.
Financials
- $1.6 billion – Valuation of Veraxa Biotech in the SPAC merger.
- $253 million – Amount of cash Veraxa will retain post-merger.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Veraxa Biotech | Target Company | Company | A German biotechnology company developing cancer therapies. |
| Voyager Acquisition | Bidding Company | Company | A special purpose acquisition company (SPAC) merging with Veraxa. |
| Xlife Sciences | Investor | Company | Swiss incubator backing Veraxa Biotech. |
| European Molecular Biology Laboratory | Major Shareholder | Company | One of Veraxa's major shareholders and source of scientific discoveries. |
| Emblem | Major Shareholder | Company | Technology transfer arm of the European Molecular Biology Laboratory. |
| Warren Hosseinion | Chair | Person | Board chair of Voyager Acquisition. |