Singapore biotech startup Mirxes in talks for US$1.2b SPAC listing in US

Singapore

SINGAPORE biotech company Mirxes is in early talks to go public via a blank-cheque company affiliated with veteran private equity healthcare investor Fu Wei, according to people familiar with the matter.

A deal between Mirxes and Summit Healthcare Acquisition is set to value the combined entity at about US$1.2 billion, one of the people said. The special purpose acquisition company (SPAC) deal would feature a so-called private investment in public equity (PIPE), which involves a private placement of the company's common stock to its investors. A transaction could be reached by early next year, although talks might still fall apart.