zimmytws
SPAC Murphy Canyon Acquisition Corp. (NASDAQ:MURF), which is backed by Presidio Property Trust (NASDAQ:SQFT), has agreed to combine with biotech group Conduit Pharmaceuticals in a deal that estimates the enterprise value of the combine company at $701M.
The deal is expected to close in Q1 2023 and generate cash proceeds of $149M, if no redemptions, which includes $136M held in Murphy's trust account and $27M from a PIPE investment.
Shares of the combined company are slated to trade on Nasdaq under the symbol CDT.
Based in San Diego, Conduit is a preclinical stage company developing treatments for autoimmune disorders and idiopathic male fertility.
Murphy Canyon was launched with the expectation of securing a deal in the real estate sector, particularly proptech. The SPAC is led by Presidio Property Trust (SQFT) CEO and Chairman Jack Heilborn, with Presidio CFO Adam Sragovicz serving in the same role at Murphy Canyon. The SPAC went public in February, raising $115M.
Shares of Presidio jumped in early January following news that it was sponsoring a proptech SPAC.