Senti Biosciences, Inc., also known as Senti Bio, has announced a business combination agreement with special purpose acquisition company Dynamics Special Purpose Corp. (Nasdaq: DYNS). The transaction values the combined company at a pro forma equity value of US$601 million.
The combined company, expected to operate under Senti Bio’s name, is projected to have US$296 million in gross proceeds. It also plans to list its common shares on the Nasdaq Capital Market following the merger.
“We’re tremendously grateful for the strong support from our new and current world-class investors and from the experienced entrepreneurs, executives, and scientists at Dynamics,” said Senti Bio co-founder and CEO Dr. Tim Lu. “This fuel will amplify our team’s vision and efforts to drive Gene Circuit-engineered cell and gene therapies to patients.”
Lu is expected to continue on as the merged company’s CEO while Dynamics Chairman Dr. Omid Farokhzad and CEO Dr. Mostafa Ronaghi will be joining the company’s board.
The biotech firm is known for its Gene Circuit platform that can program cell and gene therapies with potentially enhanced capabilities. It also has two candidate drugs currently focused on cell therapies for cancer, both of which are expected to have investigational new drug applications by 2023.
The business combination is expected to close in Q2 2022, subject to shareholders’ approvals of both companies.
Dynamics Special Purpose last traded at US$10.04 on the Nasdaq.
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