Health innovation platform developer Aditxt and its fully owned subsidiary Ignite Proteomics have announced their plans for a business combination with a strategic partner that values the latter at an implied equity value of nearly $150m.

Upon completion of the transaction, Ignite will separate from Aditxt and is expected to become an independent public company via the establishment of a new holding entity, anticipated to be called Ignite Proteomics, Inc.

Following the close, the acquisition corporation and Ignite will become wholly owned subsidiaries of the newly formed holding company.

The new company’s public warrants and common stock are anticipated to be listed on the New York Stock Exchange, pending approval of the application and customary closing conditions.

Aditxt acquired Ignite with the intention of identifying and advancing differentiated health innovation platforms.

The planned business combination is described as providing Ignite with a dedicated public company structure and increased access to growth capital.

Aditxt Interim CEO and Ignite Proteomics CEO Jeff Busch said: “Aditxt owns 100% of Ignite, a differentiated precision oncology asset, and this transaction is expected to unlock that value through a business combination that values Ignite at approximately $150m.

“For Ignite, becoming an independent public company is expected to provide the focus, visibility and access to capital needed to accelerate commercialisation, expand clinical evidence generation and pursue broader adoption of its functional proteomics platform in oncology.”

Ignite focuses on the development and commercialisation of a proteomics platform aimed at improving physicians’ understanding of biological activity in tumours.

Its core programme targets commercialisation in breast cancer, with plans to expand to further tumour types and clinical settings.

The transaction proceeds are expected to support Ignite’s working capital and general corporate requirements.