A proposed merger between Biotech Acquisition Company (BAC) and Blade Therapeutics, Inc. has been terminated with immediate effect.
BAC said it intends to continue to pursue a business combination with another appropriate target.
Michael Shleifer, chairman and CEO of BAC, and co-founder and managing partner of SPRIM Global Investments said, “We wish Blade continued success as they continue to develop cutting-edge science and a clinical-stage pipeline targeting diseases that remain undertreated. BAC remains committed to finding a life-sciences partner that can deliver value for our shareholders.”
Wendye Robbins, president and CEO of Blade said, “Blade remains focused on our development plans, particularly for our company’s differentiated lead asset, cudetaxestat, a non-competitive autotaxin inhibitor which is expected to enter a planned phase 2 clinical study in patients with idiopathic pulmonary fibrosis.”
BAC raised $230 million in its initial public offering in January 2021. It was formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or other similar business combination with one or more businesses.
BAC said it believes a business combination with a company focused on the healthcare sector will complement the background and expertise of SPRIM Global Investments, a global investment firm in the life sciences and healthcare industries, which is an affiliate of BAC and of several members of BAC’s management team.
The merger agreement was initially announced in November 2021, with the resulting company to be called Blade Biotherapeutics, Inc.
Blade is a biopharmaceutical company focused on developing cutting-edge treatments for debilitating, incurable fibrotic and neurodegenerative diseases that impact millions of people worldwide.
Blade expects to advance a differentiated pipeline of oral, small-molecule therapies for the potential treatment of lung, liver and cardiac fibrosis or neurodegenerative diseases.
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