AUM Biosciences to list on Nasdaq via SPAC merger at US$400m pre-money valuation

SINGAPORE-HEADQUARTERED biotech firm AUM Biosciences announced on Thursday (Oct 20) plans to go public on Nasdaq via a special purpose acquisition company (SPAC) merger with Mountain Crest Acquisition Corp at a pre-money valuation of US$400 million.

The deal, expected to close in Q1 next year, is set to raise approximately US$69 million in cash for the company, assuming there are no redemptions by Mountain Crest stockholders. These proceeds will be held in Mountain Crest’s trust account, said the group in a press statement.

AUM Biosciences intends to trade as a combined entity, Holdco, under the ticker symbol AUMB. Upon closing of the transaction, its chief executive Vishal Doshi will retain his title at the new holding company, while a representative from Mountain Crest joins the group’s board of directors.

In October last year, the biotech startup raised US$27 million in its Series A to develop therapies for cancer, especially those with a clear genetic marker. Investors in the round include Singapore-based Everlife, a distribution platform for clinical diagnostics and life sciences in South Asia, and health science venture capital firm SPRIM Global Investments.

The company is currently working on advancing a clinical stage pipeline designed to deploy inhibition strategies to reverse cancer resistance.

“This merger allows AUM to further continue our focus on developing our scientifically differentiated portfolio,” said Doshi.

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The deal now sits upon stockholders’ approval from both AUM Biosciences and Mountain Crest, as well as other customary closing conditions such as the receipt of certain regulatory approvals.