HDL Therapeutics enters LOI for business combination with Swiftmerge

Swiftmerge Acquisition announced the signing of a non-binding letter of intent for a business combination with HDL Therapeutics, a privately held commercial stage biotech company with an FDA-approved cardiovascular therapy for reducing coronary atheroma in homozygous familial hypercholesterolemia patients. HDL Therapeutics’ platform, removes the highest risk plaques in coronary arteries that tend to rupture causing heart attacks and stroke. HDL expects this platform to have significant implications in the future treatment of a broad array of other plaque related diseases. The business combination will provide HDL Therapeutics with the resources and expertise necessary to accelerate the commercial development and commercialization of their platform technology, with the goal of benefiting appropriate patients suffering from severe heart disease and ultimately reducing the risk of fatal cardiac events. Under the terms of the LOI, Swiftmerge and HDL Therapeutics would become a combined entity, with HDL Therapeutics’ existing equity holders rolling 100% of their equity into the combined public company. Swiftmerge expects to announce additional details regarding the proposed business combination when a definitive merger agreement is executed, which is expected in the second quarter of 2023. Completion of a business combination with HDL Therapeutics is subject to, among other matters, the completion of due diligence, the negotiation of a definitive agreement providing for the transaction, satisfaction of the conditions negotiated therein and approval of the transaction by the board and shareholders of both Swiftmerge and HDL Therapeutics. There can be no assurance that a definitive agreement will be entered into or that the proposed transaction will be consummated on the terms or timeframe currently contemplated, or at all.