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 £800 million.
When the company started trading, it targeted a raise of £140 million through issuing 14.0 million shares at £10 each. The current market capitalisation is around £153.9 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.
Copyright 2023 Alliance News Ltd. All Rights Reserved.
