<article>Biotech company Austrianova has signed an agreement with Luxembourg-based private equity firm GEM Global Yield for a share subscription facility of up to $100 million for a 36-month term following a public listing.</article>

Biotech company Austrianova has signed an agreement with Luxembourg-based private equity firm GEM Global Yield for a share subscription facility of up to $100 million for a 36-month term following a public listing.
The agreement allows Austrianova to draw down funds by issuing shares of common stock to GEM, the company said in a statement. 
Austrianova will control the timing and the maximum size of its drawdowns and has no minimum drawdown obligation.
The deal also allows GEM to buy up to 4.2% of the common stock of Austrianova when it lists publicly. The company said it plans to go public via a SPAC merger or a traditional IPO, but did not give further details. 
Austrianova, which has operations in Singapore and Thailand, said that it has gotten “strong demand” for its technology, which encapsulates cells and bacteria for medical use. 
GEM is a $3.4 billion private equity firm that focuses on emerging markets. It claims to have completed over 400 transactions in 70 countries. Companies under its portfolio include fashion media brand L’Officiel and renewable fuel producer Changing World Technologies.
The financial and strategic advisor to this deal was Square Associates (Singapore). The legal advisor was Luther LLP.

The company said it plans to go public via a SPAC merger or a traditional IPO, but did not give further details. 

SG biotech firm Austrianova secures $100m commitment from GEM

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SG biotech firm Austrianova secures $100m commitment from GEM

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