Monday, September 25, 2023
Matter handles Adpro, a biotechnology company that develops antibody therapies to treat cancers, as it merges with Atlantic Coastal Acquisition Corp. in a SPAC deal worth $725M.
Ian Chan, CEO & co-founder of Abpro, said the SPAC represents a milestone for the Woburn, MA-based company.
Proceeds from the transaction will help “accelerate the advancement of our pipeline toward clinical trials and provide the foundation for ongoing development of novel immunotherapies to help patients,” said Chan.
Abpro is currently in the developmental stage with its HER2+ treatments for breast, gastric and colorectal cancers.
It also has a partnership with South Korea’s Celltrion pharmaceutical company. Celltrion has made an equity investment in Abpro.
The SPAC deal is expected to close in Q2 2024.
Matter’s Deanna Meservey handles Abpro.