Biotech Values

[DewDiligence]

(RVNC)—PMGM shareholders_approve_SPAC_merger_with AEON Biopharma—closing expected soon:

https://www.sec.gov/ix?doc=/Archives/edgar/data/0001837607/000110465923078184/tm2320630d1_8k.htm

The shareholder approval took a long time and it didn’t happen until an agreement for additional financing was struck (https://finance.yahoo.com/news/aeon-biopharma-priveterra-announce-arrangement-120000007.html ). For a while, it looked like PGMG wouldn’t have enough shareholder votes to seal the SPAC deal, which was announced way back in Dec 2022 (#msg-170687120).

AEON is the former parent company of EOLS, which sells Jeuveau botulinum toxin for aesthetic indications. AEON’s ABP-450 is the exact same product as EOLS’ Jeuveau (sourced from Korea’s Daewoong), but AEON intends to seek FDA approval in therapeutic indications only.

Please see https://www.sec.gov/Archives/edgar/data/1837607/000110465923063774/tm2316532d1_ex99-1.htm for AEON’s corporate slide presentation. Notably, AEON’s lead indication is now episodic migraine. AEON’s lead indication was previously cervical dystonia, so it seems reasonable to surmise that RVNC’s stellar data in CD altered AEON’s plans.