Jasper Therapeutics, a US-based stem cell-transplant technology developer backed by pharmaceutical firm Roche, has agreed to a reverse merger with special purpose acquisition company (SPAC) Amplitude Healthcare Acquisition Corp.
The company will acquire the listing on the Nasdaq Capital Market obtained by Amplitude in a $100m initial public offering in November 2019. The deal will grant the merged company an initial market capitalisation of approximately $490m.
The reverse merger deal is backed by $100m private investment in public equity (PIPE) financing supplied by a consortium including Roche’s corporate venturing arm, Roche Venture Fund, pharmaceutical company Amgen and Alexandria Venture Investments, part of life science real estate investment trust Alexandria Real Estate Equities.
Federated Hermes Kaufmann Funds, Avego, Velan Capital, Metalmark, Apeiron Investment Group, Kingdon Capital Management, Woodline Partners, Abingworth, Qiming Venture Partners USA and Surveyor Capital also participated in the PIPE financing.
Founded in 2018, Jasper has built a technology platform to engineer haematopoietic stem cells which are being developed to treat patients with blood cancers, genetic diseases or autoimmune diseases, making haematopoietic stem cell transplants safer and more effective.
The proceeds from the deal will be used to advance Jasper’s lead candidate, an antibody conditioning agent called JSP191, through clinical trials in patients with acute myeloid leukaemia, myelodysplastic syndromes and severe combined immunodeficiency.
Jasper had raised $49m of series A funding as of a $14.1m series A extension led by Roche Venture Fund in January 2020. Qiming Venture Partners USA and Abingworth co-led the $35m first tranche of the round the month before, investing alongside Alexandria Venture Investments and Surveyor Capital.