Veraxa plans to go public via SPAC at $1.64 billion valuation

VERAXA is a Swiss-based biopharmaceutical company advancing a premier drug discovery and development engine for ADCs and other novel antibody-based therapy concepts. The company originates from scientific discoveries made at the European Molecular Biology Laboratory (EMBL), Their proprietary technology, Bi-Targeted Antibody Cytotoxicity platform, enables a highly specific dual-marker approach, allowing the company to accelerate a pipeline of next-generation cancer therapies that have the potential to expand the therapeutic window of current solid tumor standard of care treatments through improved safety and efficacy profiles.

The company’s pipeline currently comprises nine discovery and development programs at various stages in development, including an active Phase 1 program in leukemia. The Company’s most advanced clinical asset, VX-A901, is developed as a novel therapeutic option for elderly AML (Acute myeloid leukemia) patients. Through a two-fold approach of pursuing both internal innovation and strategic partnerships, the Company anticipates having a robust pipeline by 2029, including three proprietary development programs in the clinic and a growing portfolio of licensed assets.

Post-SPAC valuation for VERAXA anticpated at USD 1.64 billion
VERAXA intends to list as a public company through a strategic merger with Voyager Acquisition Corp. (SPAC), a Cayman Islands exempted company and special purpose acquisition company targeting the healthcare sector. The proposed business combination would create a publicly traded, clinical-stage biopharmaceutical company.

Upon closing of the transaction, VERAXA will be listed on NASDAQ under the proposed ticker symbol “VERX”. The transaction values VERAXA, which is one of Xlife Sciences’ key portfolio businesses (current stake: ~18%), at approximately USD 1.3 billion (excluding trust funds). VERAXA’s shareholders will receive approximately 130 million shares of the combined company. Assuming a share price of USD 10.00 and no redemptions, the implied pro forma equity value of the combined entity will be approximately USD 1.64 billion. The business combination is expected to close in Q4 2025.

Furthermore, following the closing of the Business Combination, VERAXA anticipates access to approximately up to $253 million in cash held in trust by Voyager, prior to the payment of transaction costs of VERAXA and Voyager, and assuming no redemptions by Voyager’s public shareholders. Additionally, VERAXA is actively raising a crossover financing round from existing and new investors to provide VERAXA with sufficient capital for the next two years, not including various potential partnering and co-development opportunities.

(Press release/RAN)