Swiftmerge Acquisition Corp. (NASDAQ:IVCP) announced this afternoon that it has signed a non-binding letter of intent to combine with commercial-stage biotech company HDL.
The parties’ press release did not include a proposed valuation for the deal, but Swiftmerge currently has about $228 million in trust and about two months left before its June 17 transaction deadline. The SPAC aims to advance the LOI to a definitive agreement later this quarter.
Like the target of today’s other SPAC transaction, HDL has developed and commercialized a medical device to treat sufferers of heart disease.
Its PDS-2 system has been approved to treat homozygous familial hypercholesterolemia, a disorder that renders the body less capable of removing harmful cholesterol and more susceptible to heart attacks at an early age.
The PDS-2 uses patients’ own plasma to create natural lipoproteins that can reduce plaque blockages and lower overall risk levels. HDL believes this same approach could be used to treat other disorders of the heart, kidneys, arteries and even neurodegenerative diseases like Alzheimer’s. But, such applications have not yet been approved, according to its website.
Swiftmerge will continue to engage in due diligence efforts as it works towards signing a definitive agreement, but the SPAC will remain in SPACInsider‘s “Searching” column until that time.
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