Medera to Merge with Keen Vision Acquisition Corp

Keen Vision Acquisition Corp. (KVAC) and Medera, a clinical-stage biotechnology firm, have agreed to a merger that will see the combined entity operate under the Medera name. Valued at $622.6 million, the merger is slated for completion in the fourth quarter of 2024 and will provide approximately $149.5 million in cash proceeds from KVAC’s trust account.

Medera, which comprises the Sardocor and Novoheart business units, is focused on developing gene- and cell-based therapies for cardiovascular diseases. The company also leverages bioengineered human-based screening technology for disease modeling and drug discovery.

Kenneth KC Wong, CEO of KVAC, highlighted Medera’s unique position for sustainable growth due to its innovative technology platform and extensive portfolio of clinical and preclinical candidates. Medera's gene therapy candidates are currently undergoing FDA clinical trials, and its collaborations with global pharmaceutical companies further validate its progress.

Ronald Li, founder and CEO of Medera, emphasized that the Nasdaq listing resulting from the merger will enhance the company’s ability to advance its clinical and preclinical programs, aiming to deliver novel therapeutic solutions to patients with unmet needs.

The merger, which has received unanimous approval from the boards of both KVAC and Medera, remains subject to customary closing conditions and shareholder approval from both companies.