On April 14, 2021, Tango Therapeutics, a biotechnology company committed to discovering and delivering the next generation of precision cancer medicines, and BCTG Acquisition Corp., a special purpose acquisition company (SPAC) sponsored by Boxer Capital, announced they have entered into a definitive merger agreement. Upon closing of the transaction, the company will be named Tango Therapeutics, Inc. (the combined company).Tango Therapeutics, Inc. common stock is expected to be listed on Nasdaq under the ticker symbol "TNGX." Wilson Sonsini Goodrich & Rosati served as patent counsel to BCTG Acquisition Corp. in the transaction.
In addition to the approximately $167 million held in BCTG Acquisition Corp.’s trust account (less any redemptions), a group of healthcare investors has committed to participate in the transaction through a common stock PIPE of approximately $186 million at $10.00 per share. Investors in the PIPE include lead investor and SPAC sponsor Boxer Capital, as well as Avoro Capital Advisors, Bain Capital Life Sciences, funds and accounts managed by Blackrock, EcoR1 Capital, Farallon Capital, Fidelity Management & Research Company LLC, Foresite Capital, Janus Henderson Investors, Logos Capital, RA Capital Management, Samsara BioCapital, Southpoint Capital, Surveyor Capital (a Citadel company), and Woodline Partners LP, in addition to existing Tango Therapeutics shareholders including Casdin Capital, Cormorant Asset Management, and Gilead Sciences.
The combined company is expected to receive gross proceeds of approximately $353 million at the closing of the transaction (assuming no redemptions from BCTG’s trust account), which is expected in the third quarter of 2021. The close of this transaction is subject to approval of BCTG shareholders and the satisfaction or waiver of certain other customary closing conditions.
The Wilson Sonsini team that served as patent counsel to BCTG Acquisition Corp. in the transaction was led by Julia Minitti and included and Mike Hostetler.
For more information, please see the press release.