AUM Biosciences to merge with US-based SPAC Mountain Crest

AUM Biosciences, a clinical-stage biotechnology company headquartered in Singapore, promoted by non-resident Indian (NRI) entrepreneur Vivek Doshi, is going public through a merger with Mountain Crest Acquisition Corp V, a Nasdaq-listed special purpose acquisition company (SPAC). The transaction, expected to close in the first quarter of 2023, reflects a pre-money valuation of USD 400 million for AUM Biosciences and will see around USD 69 million in gross proceeds.