PrimeGen Biotech Eyes Nasdaq Listing Through $1.5B SPAC IPO Deal

PrimeGen US, Inc., a biotech firm advancing innovative clinical programs, has unveiled a definitive merger agreement with DT Cloud Star Acquisition Corporation (DTSQ), a blank-check company already trading publicly. This strategic combination values PrimeGen at approximately $1.5 billion and represents a significant milestone for the biotech sector’s access to capital markets. The merged entity will retain the PrimeGen US name and is slated for Nasdaq listing upon regulatory clearance and other standard closing conditions.

$1.5 Billion Valuation Accelerates Biotech Development Pipeline

The transaction structure grants PrimeGen immediate access to public capital, which the company plans to deploy toward three critical areas: advancing clinical development initiatives, navigating regulatory approval processes, and preparing for potential market launch of its flagship programs. For biotech companies, SPAC combinations offer a faster pathway to public markets compared to traditional IPOs, enabling firms to secure growth capital more efficiently. This particular deal underscores investor appetite for innovative biotech solutions entering the clinical stage.

SPAC Framework and Nasdaq Debut Timeline

The merger between PrimeGen and DT Cloud Star requires approval from both entities’ shareholders, regulatory green lights, and satisfaction of minimum cash thresholds outlined in the merger agreement. Assuming these conditions are met, the combined company expects to complete the transaction in the second half of 2026, with a planned Nasdaq listing subject to exchange approval. The timing remains subject to market conditions and regulatory developments, though both parties remain committed to the transaction completion.

Strategic Capital for Biotech Innovation

This SPAC deal reflects broader biotech industry trends toward alternative pathways for going public. Rather than pursuing traditional IPO routes, emerging biotech firms increasingly leverage special purpose acquisition vehicles to secure capital quickly and efficiently. PrimeGen’s $1.5 billion valuation positions the biotech company to execute its clinical roadmap while maintaining sufficient runway for regulatory submissions and, if successful, commercialization preparation for its key drug candidates.