Veraxa reveals Voyager in a $1.6 billion SPAC deal
Swiss Oncology Firm Veraxa Biotech is scheduled to be made public in the US through a merger with Voyager Acquisition Corp, a special purpose medical acquisition company (SPAC).
The transaction, which is scheduled to close in the fourth quarter of 2025, lists Veraxa on the Nasdaq Stock Exchange and trades under the ticker symbol Verx. The transaction also provides Veraxa access to the US capital markets. This continues to expand the pipeline of targeted cancer therapy.
The merger values the total organization at approximately $1.644 billion on a pro-forma equity basis, assuming there is no shareholder redemption. Under the terms of the agreement, Veraxa shareholders will receive approximately 130 million shares from the newly established company at a price of $10 per share. Veraxa’s share contributions for the transaction are valued at nearly $1.3 billion.
Once the transaction is completed, Veraxa will have access to approximately $253 million in cash currently held in Voyager’s trust account. The company will also pursue additional funding rounds to further strengthen its cash reserves and support ongoing research and development efforts.
Founded and incubated by Swiss investment company XLIFE Sciences, Veraxa develops antibody-based cancer therapies that include antibody drug conjugates (ADCs) and type-diform T-cell engers. Its major clinical asset, VX-A901, is an anti-FLT antibody in early stage trials of hematological malignant tumors. The candidate has been added to Veraxa’s pipeline following the company’s 2024 acquisition of Shinimun.
Veraxa’s co-innovation lies in Bi-Target Tumor-Associated Cytotoxicity (BITAC) platform. This technology is designed to increase the safety and specificity of antibody-based cancer treatments. We use a dual antibody approach that forms an active therapeutic molecule only if both antibody precursors concurrently bind to different tumor-associated targets. This proximity-dependent activation mechanism aims to reduce extuberant toxicity. This is a general limitation of current immunotumor therapy.
The company currently has three BITAC programs in preclinical development. These target lung and pancreatic cancers are two and the third ones aim for ovarian and breast cancer. Veraxa said it will pursue multiple strategic partnerships and licensing opportunities in 2025 and 2026.
Veraxa CEO Christoph Antz said in an announcement on April 23 that its platform was designed to address restrictions on existing treatments. “Side effects limit today’s cancer therapy and prevent physicians from applying optimal dose levels. The latest platform innovation, the BITAC format, is designed to specialize in this issue and create first-time drug candidates.”