Bison Capital Acquisition Corp., currently incorporated in the British Virgin Islands, and Xynomic Pharmaceuticals, Inc., a US-Chinese clinical stage innovative oncology drug development company, have signed merger agreement as a result of which Xynomic will become wholly-owned subsidiary and operating business of BCAC. Prior to the merger, Bison will re-domesticate from the British Virgin Islands to Delaware, and change its name to “Xynomic Pharmaceuticals Holdings, Inc.”
Under the terms of the merger agreement, existing common and preferred shareholders of Xynomic will receive shares of common stock of BCAC. The aggregate merger consideration will consist of a closing consideration of $350 million in BCAC shares, and earnout consideration of an additional $100 million in BCAC shares, subject to Xynomic achieving certain milestones stated in the merger agreement. Merger consideration will be payable entirely in common stock of BCAC at a value of $10.15 per share.
Xynomic was founded in 2016 and is mainly engaged in the research, development and commercialization of innovative targeted cancer therapeutics in the US, Europe and China. The company focuses on orally delivered small molecule drugs. Company’s current investors include Northern Light Venture Capital, Prosperico Ventures and Hakim Unique.
BCAC is a special purpose acquisition company sponsored by Bison Capital Holding Company Limited, an investment holding company that focuses on the healthcare, media and financial services sectors.
