(Bloomberg) -- Blank-check company FoxWayne Enterprises Acquisition Corp. is in talks to merge with Aerami Therapeutics Holdings LLC, which develops treatments for severe respiratory diseases, in a deal that's set to value the combined entity at about $195 million, according to people with knowledge of the matter.
The special purpose acquisition company executed a non-binding letter of intent with Aerami earlier this month, according to a securities filing, which didn't disclose the transaction size. A deal is yet to be finalized, the people said, and terms could still change.
Representatives for FoxWayne and Aerami declined to comment on the valuation.
Brisbane, California-based Aerami's key therapies include inhaled imatinib, which treats pulmonary arterial hypertension, its website shows. The company also makes an inhaler known as “Afina,” which it says uses technology to “optimize the precise delivery of therapeutics to the lungs in seconds.” It purports to deliver about 80% of the drug to the lungs, which it says is two to four times higher than conventional inhalers.
FoxWayne is led by Chief Executive Officer Robb Knie, who is also CEO of Hoth Therapeutics. The SPAC raised $57.5 million in a January initial public offering.
Aerami counts companies including Aerovate Therapeutics Inc., which went public in June, among its peers.
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