Sino-US biotech Apollomics Inc. has revealed plans to merge with the special purpose acquisition company (SPAC) Maxpro Capital Acquisition Corp., paving the way for a public listing on the Nasdaq stock exchange. The transaction values Apollomics at a pre-money equity of $899 million, with the company expecting to retain up to $105 million in cash to further expand its pipeline, including through partnerships. The deal is anticipated to close in Q1 2023, at which time Apollomics will list under the ticker APLM. The transaction is subject to approval from Maxpro shareholders and other customary closing conditions.
Company Overview and Pipeline
Apollomics is officially based in Foster City, California, but maintains a strong presence in China, with operations in Shanghai and Hangzhou. The company is backed by a range of Chinese investors, including Ping An Capital, China Renaissance, and CMB International. Apollomics has nine pipeline assets under development, including both small-molecule drugs and biologics. The pipeline is led by vebreltinib, a proto-oncogene hepatocyte growth factor receptor (c-Met) inhibitor in pivotal Phase II studies for non-small cell lung cancer (NSCLC), which is expected to support a subsequent US NDA filing. Additionally, uproleselan, an E-selectin antagonist, is in Phase III studies in China for relapsed or refractory acute myeloid leukemia (AML).
Maxpro Capital and SPAC Structure
Maxpro Capital is a ‘blank cheque’ company formed for the purpose of effecting a merger, capital share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses in the healthcare and technology industries. The merger with Apollomics represents a strategic step for both companies, positioning Apollomics for expanded access to capital markets and further growth.-Fineline Info & Tech
