One SPAC inks biotech merg­er, while an­oth­er linked to for­mer Biden can­cer moon­shot leader will shut down

A biotech look­ing to make ap­proved drugs safer and ex­pand them in­to new in­di­ca­tions has lined up a SPAC merg­er. Mean­while, a blank-check from the for­mer pres­i­dent of the Biden Can­cer Ini­tia­tive is throw­ing in the tow­el.

On Thurs­day, New Jer­sey-based Star­ton Ther­a­peu­tics an­nounced plans to com­bine with Health­well Ac­qui­si­tion Corp. I in a deal that would give the biotech about $50 mil­lion and let it start trad­ing on the Nas­daq in the sec­ond half of this year. The com­bined com­pa­ny would have an eq­ui­ty val­ue of $374 mil­lion.

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