LifeSci Acquisition Corp. Announces Merger Agreement with Vincera Pharma, Inc. to Create New Publicly Listed Oncology Company
Vincera is expected to have approximately $60 million at closing to fund clinical and preclinical development pipeline
Stockholders of Vincera post-closing to include Acuta Capital, RTW Investments, Surveyor Capital, Logos Capital, EcoR1 Capital, Perceptive Advisors, Boxer Capital, Monashee Investment Management, Altium Capital, and Affinity Asset Advisors
Exclusive option to license agreement with Bayer for a highly selective, clinical-stage small molecule targeting PTEFb activity and a next-generation preclinical bioconjugation platform
NEW YORK and SANTA CLARA, Calif., Sept. 29, 2020 (GLOBE NEWSWIRE) -- LifeSci Acquisition Corp. ("LSAC"), Nasdaq: LSAC, LSACU and LSACW, a blank check company targeting the biopharma, medical technology, digital health and healthcare services sectors and Vincera Pharma, Inc., a biopharmaceutical company aspiring to address the unmet medical needs of patients with cancer through paradigm-shifting therapeutics, today announced that they have entered into a definitive agreement for a business combination.
The combined company is expected to have approximately $60 million in cash at closing. In addition, it is expected that LSAC will be renamed Vincera Pharma, Inc. and the combined company’s common stock will remain listed on The Nasdaq Capital Market under the new ticker symbol “VINC.” Post-closing, stockholders will include Acuta Capital, RTW Investments, Surveyor Capital (a Citadel company), Logos Capital, EcoR1 Capital, Perceptive Advisors, Boxer Capital of Tavistock Group, Monashee Investment Management, Altium Capital, and Affinity Asset Advisors.
Proceeds from the transaction will provide Vincera with capital and the flexibility of being a publicly listed company to accelerate the growth of their pipeline, currently driven by an exclusive option to license agreement with Bayer for an oncology portfolio, which includes a highly selective, clinical-stage PTEFb/CDK9 inhibitor, as well as a preclinical bioconjugation platform developed to overcome the limitations of antibody and small molecule drug conjugates. Vincera will be led by Chief Executive Officer, Ahmed Hamdy, M.D., cofounder of Acerta Pharma BV and former Chief Medical Officer of Pharmacyclics LLC, along with an experienced management team who brings a successful track record in discovering and developing blockbuster oncology drugs.