SPAC led by Bio­gen chair­man Pa­padopou­los can't find a deal and will liq­ui­date

A SPAC formed two and a half years ago by out­go­ing Bio­gen chair­man Ste­lios Pa­padopou­los will shut­ter with­out find­ing a deal.

Tues­day af­ter the mar­ket closed, Eu­crates Bio­med­ical Ac­qui­si­tion Corp. an­nounced that it would hand mon­ey back to in­vestors.

“The com­pa­ny an­tic­i­pates that it will not be able to con­sum­mate an ini­tial busi­ness com­bi­na­tion with­in the time pe­ri­od re­quired,” it said in the press re­lease. Own­ers of the SPAC’s eq­ui­ty will get back ap­prox­i­mate­ly $10 per share.

Unlock this article instantly by becoming a free subscriber.

You’ll get access to free articles each month, plus you can customize what newsletters get delivered to your inbox each week, including breaking news.

SIGN UP LOG IN BECOME A PREMIUM SUBSCRIBER