Loeb, Goodwin, Cooley, Steer $353 Million Cancer Biotech SPAC

Loeb & Loeb advised BCTG Acquisition Corp., a special purpose acquisition company, on its merger with Tango Therapeutics, a biotechnology firm working on next-generation therapies for cancer.

Goodwin Procter advised Cambridge, Mass.-based Tango, and Cooley advised private placement agents in the deal.

The agreement calls for BCTG and Tango to form a new, publicly traded company to be called Tango Therapeutics Inc. that will be led by Tango’s current CEO, Dr. Barbara Weber. It will be listed on the Nasdaq exchange under the ticker symbol TNGX.

Closing is expected in the third quarter, according to a statement. San Diego-based private equity firm Boxer Capital sponsored BCTG.

The new company is expected to start with $353 million in gross proceeds, including around $167 million from BCTG and about $186 million at $10 per share from health care investors.

The investors include Boxer Capital, Bain Capital Life Sciences, accounts managed by Blackrock, and Fidelity Management & Research Co., among several others, the statement said.

“This morning’s announcement is a key milestone,” Weber said. “It ensures we have access to the capital needed to advance our preclinical programs and initiate clinical studies of our three lead programs, as we continue our mission of bringing transformational therapies to patients.”