Tango Therapeutics Goes Public in $353M Deal
- Posted by ISPE Boston
- On April 22, 2021
Precision cancer medicine company Tango Therapeutics has entered into a definitive merger agreement with SPAC (special purpose acquisition company) BCTG Acquisition Corp. In addition to the approximately $167 million contributed by BCTG, a group of healthcare investors has committed to participate in the transaction through a common stock PIPE (or private investment in public equity) of approximately $186 million at $10 per share. An alternative to a traditional IPO, a SPAC merger is another way for a company to go public.
Tango Therapeutics is dedicated to discovering novel drug targets and delivering the next generation of precision medicine to people with cancer. Tango leverages the genetic principle of synthetic lethality to discover and develop therapies that take aim at driver genes in cancer. It is focused on counteracting tumor suppressor gene loss and reversing the ability of cancer cells to evade the immune system.
“This morning’s announcement is a key milestone for Tango as it ensures we have access to the capital needed to advance our preclinical programs and initiate clinical studies of our three lead programs, as we continue our mission of bringing transformational therapies to patients,” said Tango’s President and Chief Executive Officer, Barbara Weber, MD. (Source: Tango Therapeutics Website, 14 April, 2021)