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US Biotech Tango Therapeutics to Merge with SPAC.

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Vincent

MANews-(C)2009-2021

US-based biotechnology company Tango Therapeutics and US-based special purpose acquisition company BCTG acquisition Corp. (NASDAQ: BCTG), sponsored by Boxer Capital, have entered into a definitive merger agreement, the companies said.

Upon closing of the transaction, the company will be named Tango Therapeutics, Inc. and will be led by Barbara Weber, MD, president and chief executive officer of Tango.

Tango Therapeutics, Inc. common stock is expected to be listed on NASDAQ under the ticker symbol "TNGX."

In addition to the approximately USD 167m 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 USD 186m at USD 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 and 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.

Proceeds from the transaction are expected to provide Tango with the capital needed to further develop its pipeline.

Current Tango shareholders are converting 100% of their existing equity interests into common stock of the Combined company. In addition to the approximately USD 167m held in the BCTG trust account (less any redemptions), an additional group of premier healthcare investors has committed to participate in the transaction through a common stock PIPE of approximately USD 186m at USD 10.00 per share.

The combined company is expected to receive gross proceeds of approximately USD 353m at the closing of the transaction (assuming...

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