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Alternative Assets  + Direct Investment  + SPACs  | 
Wilbur Ross-Backed SPAC to Take Drug Developer Startup Aprinoia Public

Wilbur Ross-Backed SPAC to Take Drug Developer Startup Aprinoia Public

SPAC Ross Acquisition Corp. II, which is backed by former US Commerce Secretary under the Trump Administration Wilbur Ross, plans to merge with Alzheimer’s drug developer Aprinoia, making it one of the first biotech blank check deals of the new year.

The deal estimates the equity value of the Massachusetts-based Aprinoia and Ross Acquisition at $280 million. Ross will give $7.5 million of his own money through a convertible note and up to $12.5 million at closing. The merger is expected to close during the first half of the year.

This funding is intended to meet the capital requirements needed to bring the company’s lead product, 18F-APN-1607, through to commercialization in China.

SPAC Ross Acquisition Corp. II, which is listed on the NYSE, and Aprinoia have yet to decide whether the combined company will trade on the NYSE or Nasdaq. The enterprise value comes out to $319.6 million, including debt, the companies said. Aprinoia’s existing shareholders are expected to receive anywhere from 42% to 74% of the merged entity.

The company previously disclosed a $40 million Series C in 2021 and a $11.1 million Series B in January 2018. CEO Ming-Kuei Jang founded the startup in 2015 after working at the University of Texas MD Anderson Cancer Center, GSK’s Shanghai site and Merck’s neurodegeneration research in Boston.

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Aprinoia Therapeutics

About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.

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