Business
Tango Therapeutics and BCTG Acquisition Corp. Announce Merger Agreement to Create Publicly Listed Precision Medicine Company Focused on the Next Generation of Targeted Cancer Therapies
- Leading institutional investors commit $186 million through a common stock private investment in public equity (“PIPE”) led by Boxer Capital - Total
About this update from Tango Therapeutics, Inc.
[{"type":"text","content":"\n- Leading institutional investors commit $186 million through a common stock private investment in public equity (“PIPE”) led by Boxer Capital\n\n- Total proceeds expected to be approximately $353 million, combining funds held in trust by BCTG Acquisition Corp and the PIPE financing\n\n- Merger expected to be completed in third quarter of 2021, and Combined Company will be listed on Nasdaq under the ticker “TNGX” –\n\n- Joint investor conference call to discuss the proposed transaction today, Wednesday, April 14, at 10:00 a.m. ET – \n\n CAMBRIDGE, Mass.--(BUSINESS WIRE)--\nTango Therapeutics, a biotechnology company committed to discovering and delivering the next generation of precision cancer medicines, and BCTG Acquisition Corp. (Nasdaq: BCTG), a special purpose acquisition company (SPAC) sponsored by Boxer Capital, today announced they have entered into a definitive merger agreement. Upon closing of the transaction, the company will be named Tango Therapeutics, Inc. (Combined Company) and will be led by Barbara Weber, MD, President and Chief Executive Officer of Tango. Tango Therapeutics, Inc. common stock is expected to be listed on Nasdaq under the ticker symbol “TNGX”.\n\nIn addition to the approximately $167 million held in BCTG Acquisition Corp.’s trust account (less any redemptions), a group of healthcare investors has committed to participate in the transaction through a common stock PIPE of approximately $186 million at $10.00 per share. Investors in the PIPE include lead investor and SPAC sponsor Boxer Capital, as well as Avoro Capital Advisors, Bain Capital Life Sciences, funds and accounts managed by Blackrock, EcoR1 Capital, Farallon Capital, Fidelity Management & Research Company LLC, Foresite Capital, Janus Henderson Investors, Logos Capital, RA Capital Management, Samsara BioCapital, Southpoint Capital, Surveyor Capital (a Citadel Company) and Woodline Partners LP, in addition to existing Tango Therapeutics shareholders including Casdin Capital, Cormorant Asset Management and Gilead Sciences.\n\n“This morning’s announcement is a key milestone for Tango as it ensures we have access to the capital needed to advance our preclinical programs and initiate clinical studies of our three lead programs, as we continue our mission of bringing transformational therapies to patients,” said Dr. Weber. “I would like to th...