30th Jan 2023 10:32
(Alliance News) - Hambro Perks Acquisition Co Ltd on Monday responded to press speculation, saying it will not merge with Istesso Ltd, a London-based chronic disease drug developer that is majority owned by IP Group PLC, an Oxford, England-based intellectual property commercialisation company.
"HPAC confirms that discussions with Istesso and its major shareholder have been terminated. An announcement regarding any potential extension of the deadline to implement a business combination will be made in due course," Hambro Perks Acquisition said.
IP Group on Monday said it "is aware of exploratory discussions around a potential business combination which have now been terminated".
On Saturday, Sky News reported that Hambro Perks was in advanced talks to merge with Istesso, noting a combination would value the company at "several hundred million pounds".
https://news.sky.com/story/london-listed-spac-targets-merger-with-chronic-disease-drug-developer-istesso-12797299
Hambro Perks Acquisition in November started trading on the London Main Market. It is a London-based private investor focused on technology companies. The investor's portfolio includes PrimaryBid, Moneybox and Vedanta Bioscience.
Hambro Perks Acquisition is targeting a business combination where the valuation of the target company is at least GBP800 million.
When the company started trading, it targeted a raise of GBP140 million through issuing 14.0 million shares at GBP10 each. The current market capitalisation is around GBP153.9 million.
IP Group shares were 2.5% lower at 62.05 pence each in London on Monday morning while Hambro Perks shares were flat at 1,030 pence each.
By Tom Budszus, Alliance News reporter
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