Developer of human tissue- based investigational products Humacyte Inc. had agreed to a deal to go public through a merger with a Special Purpose Acquisition Company (SPAC) Alpha Healthcare Acquisition Corp. (AHAC).
Humacyte mainly engages in developing universally implantable bioengineered human tissues and organs. This deal will be one of a kind since it’s very rare to see a human tissue development company go public.
According to insider sources involved in the deal, this merger deal with the blank check acquisition company will leave Humacyte with a market valuation of $800 million with a potential of going up to $1.1 billion after the deal has been closed.
North Carolina based Humacyte is currently working on a project to develop therapeutic applications for diseases including end-stage renal disease and replace or repair damaged arteries.
Humacyte was established in 2004 and its chief executive Robert Langer, a chemical engineer also doubles up as a board member in pharmaceutical and biotech company Moderna Inc. (MRNA). Langer is also a professor at the Massachusetts Institute of Technology.