SPAC Swiftmerge signs LOI for potential merger with HDL Therapeutics

SPAC Swiftmerge Acquistion Corp. (NASDAQ:IVCP) has signed an letter of intent to merge with cardiovascular therapy developer HDL Therapeutics.

The companies hope to execute a definitive agreement in Q2. 

Based in Vero Beach, Fla., HDL has developed a therapy for reducing atheroma in patients with homozygous familial hypercholesterolemia. The company hopes to use proceeds from the deal to commercialize the product, which has already received FDA approval. 

Swiftmerge's directors include Leonard Makowka, former chairman of surgery at Cedars Sinai Medical Center, and former NATO Supreme Commander Gen. Wesley Clark. The SPAC went public in December 2021, raising $200M.