Starton Therapeutics Inc., a clinical-stage biotechnology company focused on standard-of-care therapies with continuous delivery technology, has combined with Healthwell Acquisition Corp. I, a special purpose acquisition company.
Starton looks to improve the efficacy of approved drugs, make them more tolerable and expand their use. The company’s technology has two programs in the clinic and three pre-clinical programs including its lead program, STAR-LLD. HWEL Holdings Corp., a subsidiary of Healthwell (Pubco), will acquire Starton and become a publicly traded company. At close, Pubco will be renamed Starton Holdings Corp. The common stock and warrants of Pubco are expected to be listed on the Nasdaq and Starton and Healthwell will each become wholly-owned subsidiaries of Pubco.
“At Healthwell, we look forward to supporting the company with an expansive network, operational expertise and public market experience to help accelerate its timeline and ability to deliver value for patients, partners and shareholders,” states Alyssa Rapp, CEO of Healthwell.
SPAC Advisory Partners LLC, a division of Kingswood Capital Partners, is serving as financial advisor and Fox Rothschild and Dentons Canada LLP are acting as legal counsel to Starton. Jefferies LLC is serving as capital markets advisor to Healthwell and is being represented by Kirkland & Ellis LLP. Ellenoff Grossman & Schole LLP and Peterson McVicar LLP are serving as legal counsel to Healthwell.