- The deal is expected to close in the first quarter of 2023
- AUM’s backers include Everlife and SPRIM Global investments
- Global Fund LLC is acting as M&A advisor to AUM
AUM Biosciences, a biotech firm, has agreed to go public via a merger with blank check company Mountain Crest Acquisition Corp. When the deal closes, the combined company will trade on the NASDAQ under the ticker symbol “AUMB.”
The transaction reflects a pre-money equity value of $400 million for AUM and is expected to close in the first quarter of 2023. The transaction is expected to provide approximately $69 million of cash held in Mountain Crest’s trust account, assuming no redemptions.
On the transaction, Dr. Suying Liu, chairman, CEO and CFO of Mountain Crest, said in a statement, “AUM is a unique and compelling investment opportunity, with its clinical-stage diversified pipeline of precision therapeutic candidates and global strategic partnerships with industry heavyweights, pointing to significant future growth potential and allowing the company to have a greater US footprint. I am thrilled to be partnering with Mr. Doshi and his exceptional team to bring their vision to fruition.”
AUM’s backers include Everlife and SPRIM Global investments.
Global Fund LLC is acting as M&A advisor to AUM on the deal while DLA Piper LLP (US) is serving as legal counsel. Loeb & Loeb LLP is serving as legal counsel to Mountain Crest.