SWITZERLAND – Swiss biotech company Veraxa is set to enter the U.S. public market through a merger with Voyager Acquisition, a special purpose acquisition company (SPAC) focused on healthcare.
The deal, announced recently, values the combined entity at approximately US$ 1.64 billion.
Under the agreement, Veraxa’s shareholders will receive around 130 million shares of the new company at US$ 10 each, with all equity being rolled over and no cash proceeds distributed.
Assuming no Voyager shareholders redeem their shares, Veraxa will gain access to about US$ 253 million held in Voyager’s trust.
The merged company plans to list on the NASDAQ under the ticker symbol “VERX.” The transaction has been approved by both companies’ boards and is expected to close in the fourth quarter of this year.
Advancing cancer therapies
Veraxa specializes in developing antibody-drug conjugates (ADCs) and bispecific T-cell engagers (TCEs) aimed at treating solid tumors.
The company’s lead candidate, VX-A901, is an Fc-enhanced therapeutic antibody targeting FLT3, a receptor commonly overexpressed in acute myeloid leukemia (AML) cells.
VX-A901 has shown promising results in Phase I trials, demonstrating safety and potential efficacy in patients with AML.
In addition to VX-A901, Veraxa’s pipeline includes several other programs:
The company aims to have three candidates in clinical trials by 2029.
Innovative BiTAC platform
Veraxa’s BiTAC (bi-targeted antibody cytotoxicity) technology is designed to improve the safety and efficacy of cancer treatments.
By targeting two antigens simultaneously, BiTAC aims to minimize off-target effects and enhance tumor specificity. This approach could allow for higher dosing and better outcomes for patients.
“Our BiTAC format is engineered to address the limitations of current therapies, offering a novel mechanism to improve patient safety and treatment effectiveness,” said Christoph Antz, CEO of Veraxa.
Strategic growth and partnerships
Veraxa has been expanding its capabilities through strategic acquisitions and collaborations. In January 2024, the company acquired Synimmune GmbH, adding a clinical-stage FLT3-targeting antibody to its portfolio.
This acquisition has accelerated Veraxa’s transition to a clinical-stage development company.
Additionally, Veraxa is raising a crossover financing round involving existing and new investors, expected to close before the SPAC merger is finalized.
Major shareholders include Xlife Sciences and the European Molecular Biology Laboratory (EMBL), along with its technology transfer arm, EMBLEM.
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