Swiftmerge Acquisition to take HDL Therapeutics public via SPAC merger deal

HDL Therapeutics, a privately held commercial stage biotech company with an FDA-approved cardiovascular therapy, the Plasma Delipidation System for reducing coronary atheroma in patients with homozygous familial hypercholesterolemia, or HoFH, has signed a definitive merger agreement with Swiftmerge Acquisition Corp. (IVCP), a special purpose acquisition company. Under the terms of the merger agreement, a wholly-owned subsidiary of Swiftmerge will merge with and into HDL Therapeutics after which HDL Therapeutics will be a wholly owned subsidiary of Swiftmerge, and the holders of the outstanding HDL Therapeutics preferred stock and common stock will receive a combination of cash and equity in Swiftmerge having a total value of $400M, subject to adjustments. The business combination between HDL Therapeutics and Swiftmerge values the combined company at approximately $480M. Upon closing of the Transaction, Swiftmerge will change its name to HDL Therapeutics, Inc. and Michael Matin will be Chairman of the Board and Chief Executive Officer of the combined company. It is anticipated that HDL Therapeutics will trade on the NASDAQ with the ticker symbol “HDLT”. The transaction is expected to close in the fourth quarter 2023, with Swiftmerge to domesticate from the Cayman Islands to a Delaware corporation prior to the closing.