Copley Acquisition to merge with Ignite Proteomics in $150M deal

Copley Acquisition (NYSE:COPL) and Ignite Proteomics entered into a definitive business combination agreement that will take the biotech firm public at a pro forma enterprise value of $150 million.

Upon closure of the transaction, the special purpose acquisition company (SPAC) and Ignite Proteomics will operate as wholly owned subsidiaries under a newly established public holding entity named Ignite Proteomics Holdings.

The combined business is scheduled to list its shares on the New York Stock Exchange.

Ignite Proteomics, currently a subsidiary of life sciences developer Aditxt, specializes in precision oncology diagnostics.

The company's core technology utilizes a proprietary reverse phase protein array platform designed to map protein and phosphoprotein pathway activity directly from tumor tissue.

This data allows oncologists to make targeted therapeutic selections, with current commercial operations primarily concentrated on breast cancer diagnostic profiling.

Under the terms of the structured agreement, Ignite’s equity holders will receive newly issued shares of the new public holding company valued at $10 per share, representing a total equity consideration of $150 million.

Additionally, a $4 million cash payment will be disbursed to an affiliate of the Copley SPAC sponsor at the close of the transaction.

During the interim period preceding final execution, Copley aims to raise up to $20 million in supplementary financing, while Ignite intends to secure up to $10 million to optimize the post-closing balance sheet.

The transaction is expected to close in the second half of 2026, subject to customary closing conditions, including registration statement effectiveness with the Securities and Exchange Commission, minimum cash requirements, and formal approvals from both Copley and Ignite voting shareholders.