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Liminatus Pharma

Closed (deSPAC)

Health Care · immune-modulating cancer therapy development

What it is
A private company in health care preparing to list via a SPAC merger. Full profile in progress.
What it’s doing now
Merging with Iris Acquisition Corp (IRAA) — closed (despac), announced Aug 9, 2024.
What you should know
Data is still being assembled for this company — what is shown below is everything we have verified so far.
Profile in progress — we only publish what we can verify in filings, and for this company that work isn’t finished. Identity and deal facts above are current; business detail, financials and peers will appear as the filings are parsed.

The deal it’s entering

Liminatus Pharma is merging with Iris Acquisition Corp (IRAA) currently marked Closed (deSPAC).

Headline equity value$175M
Post-close tickerLIMN

How to read these numbers: headline vs effective valuation · what a definitive agreement commits

What exactly is being valued, and at what

Was this deal done at an expensive or a cheap valuation?

SpacBrain’s read on the price

No multiple can be computed

We hold no revenue figure in US dollars for Liminatus Pharma, LLC, so there is nothing to divide the price by and no multiple can be struck. It is not recorded as pre-revenue either — this is a gap in our record, not a finding that the company has no sales. The deal values it at $175M regardless.

We have not extracted a revenue figure for this company from its filings yet. That is our gap, not a statement about the business.

What the buyers are paying for the whole company$175M

Announced equity value (net debt unknown).

Divided by what the company actually sells in a yearno revenue figure on file

Not extracted from the filings yet.

= what this deal pays for every dollar of those salesno multiple

Not computable — no revenue figure has been extracted from the filings yet.

What the stock market pays for its closest listed peersno comparable multiple

No listed comparable carries a revenue multiple we can use.

What qualifies the figures above

  • The target's cash and debt are not in the filings we have, so this is an equity value used as a stand-in for enterprise value.

Common questions

Is Liminatus Pharma going public?

Liminatus Pharma has an approved merger with the SPAC Iris Acquisition Corp (IRAA), announced Aug 9, 2024. The combined company expects to trade as LIMN. Deal status: Closed (deSPAC).

What is Liminatus Pharma's SPAC deal valuation?

The announced headline equity value is $175M.

Was Liminatus Pharma bought at an expensive or a cheap valuation?

We hold no revenue figure in US dollars for Liminatus Pharma, LLC, so there is nothing to divide the price by and no multiple can be struck. It is not recorded as pre-revenue either — this is a gap in our record, not a finding that the company has no sales. The deal values it at $175M regardless.

Does Liminatus Pharma have revenue?

The filings we've parsed don't state a usable revenue figure yet; this profile is updated as new documents land.

Educational content, not investment advice.

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