The combined company is expected to have a pro forma equity value of ~$398.5M & cash proceeds are expected to be ~$45.4M of TradeUP’s cash in trust. The transaction is expected to close in H1’23
TradeUP’s stockholders will own ~11.1% & its founder sponsors, officers, directors & other stockholders will own ~3.6% while Estrella shareholders will hold ~81.6% of the combined company. TradeUP will be renamed “Estrella Immunopharma”
Estrella’s EB103, a CD19-redirected ARTEMIS T-cell therapy targeting CD19 & EB104, a CD19/22 duel-targeting ARTEMIS T-cell therapy that targets CD19 & CD22. By merging with Imugene’s CF33-CD19t in the new “Mark & Kill” strategy, Estrella intends to expand the usage of CD19 ARTEMIS T-cell therapy into solid tumors
Ref: PRNewsswire | Image: Estrella
