Enzolytics, Inc. Updates Non-Binding Term Sheet with Sagaliam Acquisition Corp.
Enzolytics, Inc. and Sagaliam Acquisition Corp. have amended their non-binding term sheet for the sale of Enzolytics' subsidiaries, Biogenysis, Inc. and Virogentics Inc., increasing the combined purchase price to $450 million. The transaction, once completed, will provide additional capital for the subsidiaries to continue developing their technology platforms. Sagaliam plans to raise additional capital through a private investment in public equities (PIPE), which will be used to fund clinical trials and transaction-related expenses. Enzolytics aims to enhance its drug discovery capabilities and expand its artificial intelligence (AI) platform.