MedCity News
Cancer biotech Tango Therapeutics picks a SPAC as its IPO dance partner
Tango Therapeutics’ SPAC merger will infuse the biotech with $353 million to fund clinical trials for its cancer drugs based on synthetic lethality. Tango’s lead program is on track to reach the clinic next year.
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Tango Therapeutics hasn’t yet reached the clinic, but the company is on track bring its lead program there soon, and when it does it will be supported by $353 million from a merger deal that takes the company public.
Cambridge, Massachusetts-based Tango announced Wednesday that it has agreed to combine with BCTG Acquisition, a special purpose acquisition company (SPAC). Such publicly traded companies serve as vehicles for other private companies looking for a way to join the public markets other than a conventional IPO.