Veraxa Secures $27.5M Secured Note and $50M Equity Line After Near-Total SPAC Redemptions

Veraxa Biotech AG is a Swiss oncology company developing next-generation cancer therapies — bispecific T-cell engagers and antibody-drug conjugates — built on scientific foundations from the European Molecular Biology Laboratory. It agreed in April 2025 to merge with Voyager Acquisition Corp., a Nasdaq-listed SPAC (ticker: VACH), with merger consideration subsequently increased to $1.35 billion in February 2026. Upon closing, the combined entity will be called Veraxa Biotech Holding AG and is expected to trade on Nasdaq under the ticker VRXA.

The transaction hit a severe structural obstacle at the March 12, 2026 shareholder vote: holders of 25,217,315 Class A ordinary shares — approximately 99.67% of all Class A shares outstanding — exercised their right to redeem, leaving only approximately $885,556 in the SPAC's trust account. Only 82,685 Class A shares will convert into shares of the combined company. The vote itself approved the merger; the problem is that almost nothing remains in the treasury.

As of the May 27, 2026 filing date, the merger has not yet closed, pending Nasdaq listing approval and other customary conditions. The two financings disclosed represent Veraxa's answer to entering public life with a trust account that is, for practical purposes, empty.