AUM Biosciences, a clinical-stage biotechnology company based in Singapore, is going public through a merger with Mountain Crest, a US-based special purpose acquisition company.
AUM Biosciences founder and CEO Vishal Doshi / Photo credit: AUM Biosciences
The transaction, which is expected to close in the first quarter of 2023, reflects a pre-money valuation of US$400 million for AUM Biosciences and will see around US$69 million in gross proceeds.
The merged companies will operate under a new entity called Holdco. Vishal Doshi, founder and CEO of AUM Biosciences, will be the CEO of the holding entity. Meanwhile, a representative from Mountain Crest will become part of Holdco’s board of directors.
The merger will encourage AUM Biosciences’ expansion of its US operations and clinical programs, the company said.
Founded in 2018, AUM Biosciences is a clinical-stage biopharmaceutical company that uses an AI-augmented platform to develop targeted cancer therapies.
The company said it has seen sustained growth since its US$27 million series A fundraise in 2021.
See also: After pandemic growth, Indonesian biotech startup tests post-Covid waters
Editing by Miguel Cordon and Lorenzo Kyle Subido
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