TriGemX Bio announces $246 million SPAC merger
- TriGemX Bio and TCGX Acquisition Corp. signed a definitive business combination agreement that would take the migraine drug developer public on Nasdaq under the proposed ticker TGEM.
- The transaction is expected to generate approximately $246 million in gross proceeds, including a $160 million private investment in public equity (PIPE) and approximately $86 million held in the SPAC's trust account.
- TriGemX expects the proceeds to support Phase 3 trials of elismetrep, additional migraine prevention research and preparations for a potential U.S. commercial launch.
TCGX Acquisition Corp. (NASDAQ:TCGX) agreed to merge with TriGemX Bio in a transaction expected to generate approximately $246 million in gross proceeds.
The proposed financing includes a $160 million PIPE and $86 million in trust funds, although shareholder redemptions could reduce available proceeds.
The PIPE will issue shares at $10 each, with investors including Viking Global, BVF Partners, ADAR1 Capital and Samsara BioCapital.
The companies expect to complete the merger in Q1 2027, subject to shareholder approvals and closing conditions.
The combined company is expected to trade as TGEM with an approximately $600 million equity valuation, assuming no shareholder redemptions.
TriGemX is developing elismetrep for acute migraine treatment and prevention, while TCGX is a healthcare-focused acquisition company that completed its IPO in August 2026.
