IP Group PLC (LSE:IPO) has shut down speculation that subsidiary Istesso could be merged with Hambro Perks Acquisition Company Ltd (LSE:HPA1) (HPAC).
The science and technology company ended rumours of a potential deal, saying it was “aware of exploratory discussions around a potential business combination,” but these have “now been terminated”.
Reports emerged over the weekend that Hambro Perks’ acquisition wing was in advanced talks with Istesso to create a company worth hundreds-of-millions of pounds.
HPAC also announced talks had been terminated, but added: “An announcement regarding any potential extension of the deadline to implement a business combination will be made in due course.”
It had faced a deadline to close the deal next month.
Istesso, which is developing treatments for diseases like arthritis and multiple sclerosis as part of its focus on immunometabolism, would have been part of a string of HPAC deals made with early-stage companies.
After floating on the London Stock Exchange in November 2021 as a blank cheque company in the wake of a financial regulation overhaul, HPAC has made deals with What3Words and business bank Tide.
IP Group's share price was down 1.3% at 62.8p on Monday morning, while HPAC's was up 0.5% at 1,030p.