Isleworth Healthcare scraps $602m merger deal with biopharma firm Cytovia

Isleworth Healthcare Acquisition Corporation and Florida-based biopharma company Cytovia Holdings have scrapped their previously announced merger deal worth $602 million.

The deal between the special purpose acquisition company (SPAC) and Cytovia was announced in April 2022. The reason for the termination of the deal was not revealed by the parties.

Isleworth Healthcare Acquisition Corporation stated: “The Termination Agreement is effective immediately, and contains mutual releases and covenants not to sue.”

Cytovia uses stem cell engineering and multispecific antibodies to empower natural killer (NK) cells to fight cancer. The deal with Isleworth Healthcare Acquisition Corporation would have enabled the Cytovia to become publicly-listed.