Abpro Corporation, a biotechnology company developing next-generation antibody therapies for severe and life-threatening diseases, has announced a term sheet to enter into a definitive business combination with Atlantic Coastal Acquisition Corp. II, a special purpose acquisition corporation.
The deal, which was signed on September 18, 2023, is expected to close in the second quarter of 2024 and would value Abpro at $725 million.
Abpro is currently developing antibody treatments for HER2+ cancers, such as breast, gastric and colorectal cancers, as well as Wet AMD/DME and COVID-19. These antibodies are generated using Abpro’s proprietary DiversImmune® platform, which enables rapid discovery and optimization of highly specific and potent antibodies. Abpro has partnered with Celltrion, a leading South Korean pharmaceutical company, to advance ABP 102, a t-cell engager for HER2+ breast, gastric and pancreatic cancer. Abpro received an equity investment from Celltrion and is eligible for potential milestones up to $1.75 billion.
Atlantic Coastal is a blank check company that raised $200 million in its initial public offering in March 2021. Atlantic Coastal’s mission is to identify and merge with a promising company in the healthcare sector. Atlantic Coastal’s CEO, Shahraab Ahmad, said that he was impressed by Abpro’s potential to improve the lives of patients with its immunotherapies.
The transaction is subject to customary closing conditions, including the approval of the shareholders of both companies. Brookline Capital Markets acted as a financial advisor to Abpro Corporation.