Vickers Vantage Corp I has signed a letter of intent with Scilex Holding Company for a SPAC merger, while Keppel Corporation and others have acquired a majority stake in Cleantech Renewable Assets.
Vickers Vantage Corp I signs LoI with Scilex for SPAC merger
Vickers Vantage Corp I, the blank cheque firm of Vickers Venture Partners, has signed a letter of intent to merge with US-based Scilex Holding Company, a subsidiary of Sorrento Therapeutics.
The transaction is still in its early stages. The proposal is subject to the negotiation of a definitive merger agreement, board director approval from Vickers and Scilex, fulfilled conditions in the merger agreement, and approval from the Special Purpose Acquisition Company’s (SPAC’s) shareholders.
A joint statement by the two firms adds that “there can be no assurance that a merger agreement will be entered into or that the proposed transaction will be consummated.”
The merger proposal provides a pre-transaction equity value of Scilex of around $1.5 billion with expected gross proceeds of up to $140 million, added the statement.
Scilex is a US-based pharmaceutical company focused on developing and commercialising non-opioid pain management products for the treatment of acute and chronic pain. It launched its first commercial product ZTlido (lidocaine topical system) in October 2018 and is approved by the U.S. Food and Drug Administration for the relief of pain associated with postherpetic neuralgia.
Vickers Vantage I raised $120 million when it made its IPO debut on the Nasdaq in January this year.
Vickers Venture Partners also has plans to launch a SPAC in Singapore. Its founder and chairman Finian Tan shared in an earlier DealStreetAsia interview that while the firm has yet to arrive on a hard target, the SPAC may range between S$150 million and S$500 million ($110-370 million).
Keppel, others pick majority in Cleantech Renewable Assets
Singapore-listed Keppel Corporation, Keppel Asia Infrastructure Fund LP (KAIF) and a co-investor in KAIF through Cloud Alpha Pte Ltd are acquiring a 51% equity stake in Cleantech Renewable Assets for $150 million.
The remaining 49% of Cleantech will be held by existing shareholder Shell Eastern Petroleum, as announced by the firms in a joint statement on Monday. The transaction is expected to close in the first quarter of 2022.
KAIF is managed by Keppel Capital Alternative Asset, a private fund manager under Keppel Capital. The KAIF Partnership and its co-investment vehicles were launched in January 2020, with commitments of roughly $1 billion from global institutional investors. KAIF reached its final close this year.
The fund and its co-investment vehicles also have a 30% interest in the Gimi floating liquefied natural gas (FLNG) facility, which is currently undergoing conversion at Keppel Offshore & Marine.
Cleantech is a Singapore-based solar energy platform focused on the commercial and industrial sectors. It has a total capacity of over 600 MW across the various stages of operations, construction, and development, with its assets located across India and six Southeast Asian countries – Thailand, Malaysia, Indonesia, Cambodia, Singapore and Vietnam.
Its clients include companies such as Apollo Tyres, Cargill, Coca Cola, Shell Lubricants, Akzo Nobel, Kerry Ingredients and Kuehne + Nagel.