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ARYA Sciences Acquisition Corp IV (NASDAQ: ARYD) is a shell company incorporated in the Cayman Islands, with a primary focus on executing mergers, share exchanges, asset acquisitions, share purchases, reorganizations, or similar business combinations with one or more businesses or entities. The company was established under the sponsorship of Perceptive Advisors, LLC, a prominent firm recognized for its investments in the life sciences sector.
Recently, ARYA announced a definitive agreement for a business combination with Adagio Medical, Inc., a leading innovator in catheter ablation technologies for treating cardiac arrhythmias. Upon the transaction's closure, Adagio Medical will operate as a subsidiary of Aja Holdco, Inc. under its existing name and management team. The combined entity’s common stock is anticipated to be listed on the Nasdaq Capital Market under the ticker symbol 'ADGM'.
The transaction is valued at approximately $128 million in post-transaction fully diluted equity and an enterprise value of $113 million. Investors have committed to participating through $20 million in convertible debt and $22 million in equity financing. Key investors include affiliates of Perceptive Advisors, RA Capital Management, RTW Investments, and ATW Partners.
Adagio Medical, located in Laguna Hills, California, specializes in developing advanced cryoablation technologies that create contiguous, transmural lesions to treat various types of cardiac arrhythmias, including paroxysmal and persistent atrial fibrillation, atrial flutter, and ventricular tachycardia. The company is currently expanding its clinical trials for its proprietary ultra-low temperature cryo (ULTC) and pulsed field cryoablation (PFCA) technologies, with significant data and new product launches expected in the first half of 2024.
The business combination aims to support Adagio Medical’s European commercialization of its ULTC system for treating ventricular tachycardias (VT) and initiate the US Pivotal VT IDE trial. This deal is intended to provide Adagio Medical with the necessary capital to further its clinical programs worldwide and enhance its commercialization strategy.
The transaction has received approval from the respective boards of ARYA and Adagio Medical. It is slated to complete in the second quarter of 2024, subject to shareholder approval and customary closing conditions.
In connection with the proposed transaction, a Registration Statement on Form S-4 will be filed with the SEC, containing a proxy statement/prospectus. Investors are advised to read these documents, once available, for detailed information about the proposed transaction.
Advisors:
Stifel, Nicolaus & Company is acting as the financial advisor to Adagio Medical, while Jefferies LLC serves as ARYA’s financial and capital markets advisor and sole private placement agent. Chardan Capital Markets, LLC is serving as the placement agent for the convertible debt, with legal counsel provided by Reed Smith LLP for Adagio Medical and Kirkland & Ellis LLP for ARYA.
Adagio Medical Holdings, Inc. (Nasdaq: ADGM), a leader in catheter ablation technologies for cardiac arrhythmias, has provided a business update highlighting significant milestones. The company has obtained CE Mark approval and initiated the commercial launch of its vCLAS™ catheter and ultra-low temperature cryoablation (ULTC) system for ventricular tachycardia (VT) treatment in Europe. Additionally, Adagio has received FDA approval for the FULCRUM-VT Pivotal IDE study in the US, with patient enrollment expected to begin in September.
The company recently closed a business combination with ARYA Sciences Acquisition Corp IV, resulting in its listing on the Nasdaq Capital Market under the ticker symbol 'ADGM'. This transaction, along with concurrent financings, raised approximately $84.2 million, leaving the company with a proforma cash-on-hand of about $35 million after closing.
Adagio Medical has completed its business combination with ARYA Sciences Acquisition Corp IV, creating a publicly traded company focused on innovative technologies for treating cardiac arrhythmias. The combined company, Adagio Medical Holdings, Inc., will trade on the Nasdaq Capital Market under the ticker symbol 'ADGM' starting August 1, 2024.
The transaction, approved by shareholders, raised approximately $84.2 million in financing. This includes funds from ARYA IV's trust account, a private placement led by investors like Perceptive Advisors and RA Capital Management, and convertible security financing.
Adagio Medical's focus will be on commercializing the vCLAS™ ultra-low temperature cryoablation (ULTC) catheter for treating ventricular tachycardia in Europe and executing the FULCRUM-VT Pivotal IDE trial recently approved by the FDA.
ARYA Sciences Acquisition Corp IV (NASDAQ: ARYD) has mutually terminated its Business Combination Agreement with Amicus Therapeutics, effective immediately, due to unfavorable market conditions. Despite this setback, ARYA IV has over a year to pursue a new business combination that aligns with its investment criteria. ARYA IV's dissolution deadline is set for March 2, 2023, unless extended. No termination fees will be incurred by either party. ARYA IV remains focused on delivering value for its shareholders.
ARYA Sciences Acquisition Corp IV has priced its initial public offering of 13,000,000 Class A ordinary shares at $10.00 each, to be traded under the ticker symbol ARYD on Nasdaq starting February 26, 2021. The company intends to focus on the healthcare sector, targeting businesses valued at $300 to $500 million, aiming for a market cap of $1 billion or more. The offering includes an option for underwriters to purchase an additional 1,950,000 shares. The expected closing date is March 2, 2021, subject to customary conditions.
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