AUM Biosciences Founder and CEO Vishal Doshi
Singapore-based clinical-stage biotechnology company AUM Biosciences has announced that it has signed a merger agreement with Delaware-based publicly traded special purpose acquisition company (SPAC) Mountain Crest Acquisition Corp. to go public in the US.
The transaction reflects a pre-money equity value of US$400 million for AUM Biosciences and is expected to close in Q1 2023. It is expected to provide approximately US$69 million in gross proceeds.
The Boards of Directors of Mountain Crest and AUM have approved the transaction. It will now require the approval of the stockholders of both firms and is subject to other customary closing conditions.
Upon closing the transaction, the combined company will operate under a holding entity Holdco and intends to trade on the Nasdaq Stock Market under the ticker symbol AUMB.
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AUM Biosciences CEO Vishal Doshi will continue to lead Holdco.
As part of the transaction, all outstanding AUM shares will be cancelled in exchange for approximately 40 million Holdco ordinary shares valued at US$10 per Holdco share, subject to closing adjustments.
Doshi said, “Since our inception, we have worked to scientifically, commercially and financially de-risk our portfolio by leveraging our world-class team, strong fundamentals, and unparalleled execution track record. This merger allows AUM to continue our focus on developing our scientifically differentiated portfolio. We are poised to achieve multiple development milestones over the next two years generating significant value for patients and investors.”
Founded in 2018 by industry veterans Vishal Doshi (CEO) and Harish Dave (CMO), AUM develops innovative and affordable oncology therapeutics for Asia. It focuses on drugging what might be considered the undruggable targets and addresses the need to delay and overcome resistance to targeted drugs in oncology. AUM Biosciences focuses on advancing a clinical-stage pipeline of precision oncology therapeutics designed to deploy multi-faceted inhibition strategies to reverse cancer resistance. AUM is advancing a broad portfolio of precision oncology therapeutics.
Its candidate AUM001 is a selective and synergistic MNK inhibitor and expected to begin Phase 2 enrollment in the fourth quarter of 2022.
AUM601 is a promising therapy for TRK fusions and mutations within the kinase domain and is on track to enter Phase 2.
AUM302 is a potentially first-in-class macrocyclic oral kinase inhibitor rationally designed small molecule to uniquely combine pan-PIM kinase, pan-PI3K and mTOR inhibition in a single agent.
In 2021, AUM Biosciences completed a US$27 million Series A funding round, co-led by Singapore-based Everlife (an analytical, medical and lab devices market access and distribution platform) and SPRIM Global Investments.
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