Adagio Medical Set To List On Nasdaq Through SPAC Deal With ARYA Sciences

(RTTNews) - Adagio Medical, Inc., a privately held innovator in catheter ablation technologies for treatment of cardiac arrhythmias, announced Wednesday a definitive agreement with ARYA Sciences Acquisition Corp IV (ARYD), a special purpose acquisition company sponsored by an affiliate of Perceptive Advisors, LLC, for a business combination.

Upon the deal closure, Adagio Medical will become a subsidiary of Aja Holdco, Inc., which will operate with the existing Adagio Medical management team under the name "Adagio Medical, Inc."

The transaction implies a post-transaction equity value of the combined company of $128 million and a fully diluted enterprise value of $113 million.

The combined company's common stock is expected to be listed on the Nasdaq Capital Market under the ticker symbol "ADGM".

The transaction is expected to complete in the second quarter of 2024, subject to approval of ARYA's and Adagio Medical's shareholders and the satisfaction of certain other customary closing conditions.

At closing, current investors in Adagio Medical, excluding Perceptive Advisors and RA Capital, are expected to own approximately 10.2% of the Combined Company. Perceptive and ARYA Sciences Holdings IV, an affiliate of Perceptive Advisors and sponsor of ARYA, collectively, are expected to hold approximately 58.2%.

At closing, the combined company expects to receive around $42 million from equity and convertible note investors, including $20 million in convertible debt and $22 million in equity financing.

Investors in the financing include affiliates of Perceptive Advisors, RA Capital Management, RTW Investments and ATW Partners.