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Varian Biopharmaceuticals and SPK Acquisition Corp. have announced a merger agreement, with Varian Bio to become a wholly owned subsidiary of SPK. SPK holds around $50 million in gross proceeds, which will fund critical manufacturing and clinical studies for Varian's therapies targeting cancer. Following the merger, SPK will be renamed Varian Biopharma, Inc. The Boards of both companies have approved the transaction, pending SPK shareholder approval, expected to close in Q2 2022.
Varian Biopharmaceuticals will merge with SPK Acquisition Corp. to form a public company focused on developing aPKCi inhibitors for cancer treatment. The combined entity will have an estimated pro forma equity value of $116 million and will trade on NASDAQ under the symbol 'VBIO'. The merger is expected to close in Q2 2022 and will fund the development of Varian's lead drug candidates, VAR-101 and VAR-102, targeting basal cell carcinoma and other solid tumors. The collaboration aims to leverage established expertise in oncology therapeutics and capitalize on a growing precision oncology market.
SPK Acquisition Corp. (NASDAQ: SPKAU) announced that holders of its units can now separately trade the common stock and rights starting July 23, 2021. The common stock will trade under the symbol SPK, while the rights will trade under SPKAR. SPK Acquisition Corp. is a blank check company that aims to pursue mergers or acquisitions in various sectors, particularly focusing on artificial intelligence and related technologies.
SPK Acquisition Corp. (NASDAQ: SPKAU) has priced its initial public offering of 5,000,000 units at $10.00 each, set to begin trading on NASDAQ from June 8, 2021. Each unit includes one share of common stock and a right to receive one-tenth of a share upon a successful business combination. The offering is expected to close on June 10, 2021, with underwriters granted a 45-day option to purchase an additional 750,000 units. The company aims to focus on TMT sectors in Asia for future business combinations.
