eureKING, a SPAC dedicated to biomanufacturing, reported on Friday results 'in line with expectations' for the six-month period from April 1 to September 30, 2022.

As expected, eureKING recorded no revenues for the period due to the absence of acquisitions, resulting in a net loss of 3.3 million euros due to costs incurred during the six months, mainly financial expenses.

The company's first financial year, which began on the day
was incorporated, ended on March 31, while its second financial year - which began on April 1 - is due to end on December 31, 2022.

In May 2022, eureKING had raised €150 million through an IPO on Euronext Paris, with the ambition of creating a major European player in the field of biopharmaceutical manufacturing outsourcing.

Michael Kloss, a former Bayer executive now CEO of eureKING, explains that the investment vehicle's efforts are now focused on completing an acquisition within seven months.

In a press release, eureKING states that it is aiming to complete its first 'structuring' transaction, which will confirm our ambition to become a 'leading' international pharmaceutical subcontractor ('CDMO').

Following this publication, eureKING shares were up 2% on Friday morning on the Paris stock exchange. Since it was first listed, the share's performance has been largely unchanged.

Copyright (c) 2022 CercleFinance.com. All rights reserved.