German Biotech Veraxa Eyes Nasdaq Listing via SPAC Merger

In a bold move amidst market turbulence, German antibody biotech Veraxa is set to make its debut on the Nasdaq through a merger with special purpose acquisition company (SPAC) Voyager Acquisition. The deal, announced on April 23, 2025, values Veraxa at $1.3 billion and is expected to close in the fourth quarter of this year.

SPAC Merger Details and Financial Implications

The merger is poised to inject up to $253 million in cash into the combined entity, providing Veraxa with the capital needed to advance its innovative cancer therapies. This transaction represents a rare SPAC deal in the biotech sector for 2025, following a lull in such arrangements since late 2022.

Veraxa's CEO, Christoph Antz, Ph.D., emphasized the strategic importance of the deal, stating, "Our platform technologies can be applied to empower multiple therapeutic strategies spanning next-generation antibody-drug conjugates including our BiTAC ADCs and bi-specific BiTAC immune cell engagers."

Veraxa's Pipeline and Technology Platform

At the heart of Veraxa's appeal is its Bi-Targeted Antibody Cytotoxicity platform, which forms the basis of its next-generation solid tumor therapies. The company's lead candidate, VX-A901, is an Fc-enhanced therapeutic antibody targeting FLT3 that has already entered phase 1 trials for leukemia.

Veraxa is actively pursuing the development of bispecific antibody drug conjugates (ADCs) and T cell engagers, two areas at the forefront of cancer research. The company's ambitious goals include having three drugs in clinical trials by 2029, alongside a growing portfolio of licensed assets.

Dr. Antz highlighted the potential of their latest innovation, stating, "Our latest platform innovation, the BiTAC format, is designed to specifically address this issue and create first-in-class drug candidates with unprecedented safety and efficacy."

Strategic Implications and Industry Outlook

The planned Nasdaq listing marks a significant milestone for both Veraxa and its majority shareholder, Swiss life science incubator Xlife Sciences. Oliver Baumann, CEO of Xlife Sciences and acting chairman of Veraxa's board, commented on the strategic importance of the deal: "The access to the U.S. capital markets provided by this combination will support the realization of Veraxa's powerful technology platform and clinical assets, paving the way for potential significant value creation."

Voyager CEO Adeel Rouf expressed confidence in Veraxa's potential, citing the company's "strong business models and expansive total addressable markets" as key factors in the decision to pursue the merger.

As Veraxa prepares to enter the U.S. public markets, this deal may signal a renewed interest in SPAC transactions within the biotech sector, potentially opening doors for other innovative companies seeking alternative routes to public listing.