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The Latest SPAC News and Rumors: August 25, 2022


The Latest SPAC News and Rumors: August 25, 2022


Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. 

Latest SPAC News: Ligand announces that Janssen has received approval from European Commission for antibody, Cano Health buys Doctor’s Medical Center, and Babylon ditches UK for US

Ligand Announces that Janssen has Received Approval from European Commission for TECVAYLI for the Treatment of Patients with Relapsed or Refractory Multiple Myeloma

Ligand Pharmaceuticals Incorporated (NASDAQ: LGND) announced that the Janssen Biotech, Inc. (Janssen) received conditional marketing authorization (CMA) from the European Commission for TECVAYLI® (teclistamab) as monotherapy for the treatment of patients with relapsed or refractory (R/R) multiple myeloma. Teclistamab is a T-cell redirecting, bispecific antibody targeting both B-cell maturation antigen (BCMA) and CD3 that was discovered by Janssen scientists using OmniAb’s OmniRat antibody discovery technology.

Avista Public Acquisition Corp. II (NASDAQ:AHPA) entered into a definitive agreement to acquire Ligand Pharmaceuticals Incorporated (NASDAQ: LGND) to spin-off its antibody discovery business OmniAb earlier this year on March 23, 2022.


Cano Health buys Doctor’s Medical Center for $300M to cement its primary care business in Florida

Miami-based Cano Health (NYSE:CANO) announced today the acquisition of fellow primary care provider Doctor’s Medical Center in a bid to grow its Medicare, Medicaid and Affordable Care Act (ACA) exchange memberships in South Florida.

The deal closed July 2 and ran Cano Health $300 million, $250 million of which the company said was financed by new debt. Cano Health—which recently joined the public markets through a $4.4 billion merger with Jaws Acquisition Corp.—runs value-based primary care centers and provides support to other primary care practices treating senior patients.


Virtual care company Babylon ditches UK for the US

Babylon (NYSE:BBLN), which offers an artificial intelligence-powered virtual care app, has largely left the U.K., where it is headquartered, in favor of the U.S. market, Wired reported Aug. 23.

In early August, the London-based digital health company exited its last hospital contract with the National Health Service eight years ahead of schedule, at the same time it is expanding into the United States, according to the story.

Babylon went public last year as part of a $4.2 billion SPAC merger with Alkuri Global, but has since seen its stock price decline by 90 percent and undergone layoffs.