Peak Bio, a biopharmaceutical company, has merged with Ignyte Acquisition Corp, a special purpose acquisition company. Ignyte will be renamed Peak Bio and will be led by Hoyoung Huh, CEO of Peak Bio. The transaction will provide Peak Bio with capital to develop its clinical-stage programs and ADC platform technology.
Peak Bio is a clinical-stage biopharmaceutical company focused on developing therapeutics addressing unmet needs in the areas of oncology and inflammation. Peak Bio’s management team has 50 years of industry experience in areas like small molecules, antibodies, and antibody-drug-conjugates.
Ignyte Acquisition Corp. is a blank check company formed to enter into a merger, share exchange or similar business combination. Ignyte is led by chairman David Rosenberg, co-CEO David Strupp, Jr., and CFO Steven Kaplan.
David Rosenberg, co-CEO of Ignyte, commented, “We are excited to partner with the Peak team in this first of its kind transaction, taking an exciting South Korean biotechnology company public on Nasdaq via a SPAC. Dr. Huh’s reputation as a serial founder and entrepreneur of multiple public and private biotech companies made Peak the perfect merger target for Ignyte. We look forward to helping Peak execute on its compelling therapeutic pipeline in both oncology and rare inflammatory disease to not only drive shareholder value, but to improve quality of life for those impacted by Peak Bio’s targeted diseases.”
Chardan and Ladenburg Thalmann & Co. Inc. are serving as the financial advisors to Ignyte and Peak Bio. DLA Piper LLP is serving as legal advisor to Ignyte. Bae, Kim & Lee LLC and B C Burr McCabe Law are serving as legal advisors to Peak Bio.