They with­drew their IPO. Then, they broke off their SPAC merg­er. Now what?

If at first an IPO doesn’t suc­ceed, try, try a SPAC. But what hap­pens when that fails too?

In­trin­sic Med­i­cine and its blank-check part­ner Phoenix Biotech Ac­qui­si­tion Corp. called off their re­verse merg­er Tues­day night, cit­ing “cur­rent mar­ket con­di­tions” as the rea­son it went ka­put. The pair de­cou­pled just weeks af­ter agree­ing to com­bine in late Oc­to­ber as in­vestors’ ap­petite for new IPOs and SPACs has been lim­it­ed, at best.

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