Platelet lysate based cell therapy (Celixir)

London-based SPAC Ashington Innovation is planning to acquire dormant, UK-based biotech Celixir for $172 million (£135 million) in an all-share transaction, taking over its lead program for a heart failure drug. In order to pay for Celixir, Ashington said it will place new ordinary shares to raise up to £3 million to finance drug development and working capital. Jason Smart, the founder of Ashington Innovation, said in a statement that “the proposed acquisition meets our stated objective of identifying a potentially extremely valuable entity capable of sustainable development and with significant technological advantages.” You’ll get access to free articles each month, plus you can customize what newsletters get delivered to your inbox each week, including breaking news.