News brief­ing: UK biotech 4D phar­ma heads for Nas­daq via SPAC; Dr. Red­dy's shuts down man­u­fac­tur­ing af­ter cy­ber­at­tack

An­oth­er phar­ma com­pa­ny is in­tend­ing to use a SPAC to join the Nas­daq.

4D phar­ma, a UK-based biotech, is re­verse-merg­ing with a blank check com­pa­ny in a deal worth up to $37.6 mil­lion. The move will give 4D phar­ma a new Nas­daq tick­er, which will be $LBPS, us­ing the Amer­i­can De­posi­tary Share pro­gram. 4D will con­tin­ue to trade on the Lon­don stock ex­change un­der its pre­vi­ous tick­er.

As a re­sult of the move, 4D phar­ma will gain $14.6 mil­lion in cash held by the blank check com­pa­ny, dubbed Longevi­ty $LOAC. The merg­er is ex­pect­ed to be com­plet­ed in ear­ly 2021, af­ter which shares will be im­me­di­ate­ly trade­able on Nas­daq.

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