TriGemX Bio Announces TCGX Business Combination With Projected $600 Million Equity Value

TriGemX Bio and TCGX Acquisition Corp. announced a definitive business combination agreement Oct. 19 that would take the migraine drug developer public at a projected $600 million equity value. The combined company is expected to be named TriGemX Bio, Inc. and trade on Nasdaq under the ticker TGEM. The projected equity value assumes that none of TCGX’s public shareholders redeem their shares before closing. Under the same assumption, the proposed transaction is expected to generate about $246 million in gross proceeds before costs. That includes roughly $86 million in TCGX’s trust account and $160 million from a private investment in public equity priced at $10 per share. The equity value estimates the total value of the combined company’s shares; gross proceeds measure the cash expected before transaction costs.

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