Medera to Go Public through Merger with KVAC
Keen Vision Acquisition Corp. (KVAC) and Medera, a clinical-stage biotechnology company, have entered into a merger agreement. Upon closing of the merger, which is expected to occur in the fourth quarter of 2024, the combined company will operate under the name Medera.
The deal values Medera at $622.6 million. Cash proceeds from the transactions will total about $149.5 million from the special purpose acquisition company’s (SPAC) trust account.
With its two business units, Sardocor and Novoheart, Medera is developing gene- and cell-based treatments for cardiovascular diseases in combination with bioengineered human-based screening technology platforms for disease modeling and drug discovery.
"Medera is uniquely positioned for sustainable growth with its one-of-a-kind technology platform and a broad portfolio of clinical and preclinical candidates, three of which are leading gene therapy candidates with ongoing FDA clinical trials. […] Medera's collaboration and licensing arrangements now in place with global pharmaceutical leaders provide validation for its achievements," commented Kenneth KC Wong, CEO of KVAC.
"Achieving a Nasdaq listing will allow Medera to be better positioned for advancing our various clinical and preclinical programs, enabling more efficient development aimed at bringing novel therapeutic solutions to patients with unmet needs," stated Ronald Li, founder and CEO of Medera.
The transaction, which has been unanimously approved by the each of the boards of directors of KVAC and Medera, is subject to customary closing conditions and approval by the shareholders of both companies.
