AUM Biosciences Plans To Become A Public Company The merger allows AUM to further continue to focus on developing the scientifically differentiated portfolio
By Teena Jose
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AUM Biosciences Pte Ltd (AUM), a clinical-stage biotechnology company, has announced that they have entered into a definitive business combination agreement. Upon closing of the transaction, the combined company will operate under a holding entity to be formed as a Cayman Islands exempted company (Holdco) and intends to trade on the Nasdaq stock market under the ticker symbol AUMB. The transaction reflects a pre-money equity value of $400 million for AUM and is expected to close in the first quarter of 2023. The transaction is expected to provide approximately $69 million of cash held in Mountain Crest's trust account, assuming no redemptions, as per the company's statement.
"Since our inception, we have worked to scientifically, commercially and financially de-risk our portfolio by leveraging our world class team, strong fundamentals, and un-paralleled executional track record. This merger allows AUM to further 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," said Vishal Doshi, CEO, AUM.
Comprised of pharma industry veterans with decades of research and development experience, the AUM leadership has an extensive track record of selecting distinctive early-stage assets, successfully exiting virtual biotech models, and has contributed to over 50 INDs and over 150 oncology clinical trials, and development of several currently marketed oncology treatments with annual peak sales up to $3 billion, claimed by the company in the statement.
"AUM is a unique and compelling investment opportunity, with its clinical-stage diversified pipeline of precision therapeutic candidates and global strategic partnerships with industry heavyweights, pointing to significant future growth potential and allowing the company to have a greater US footprint. I am thrilled to be partnering with Mr. Doshi and his exceptional team to bring their vision to fruition," said Dr. Suying Liu, chairman, CEO and CFO of Mountain Crest.
Mountain Crest Acquisition Corp. V is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses.
