Voyager Acquisition (VACH) and VERAXA Biotech have agreed to merge, forming a publicly traded, clinical-stage biopharma company focused on next-gen cancer treatments, the companies said Wednesday.

The companies said that post-merger, VERAXA will trade on the Nasdaq under the ticker 'VERX.'

The deal values VERAXA at $1.3 billion, with shareholders receiving 130 million shares in the new entity, the companies said, adding no cash proceeds will go to existing VERAXA shareholders, who will roll over their equity.

Assuming a $10 per share valuation and no Voyager shareholder redemptions, the combined company's implied equity value is $1.64 billion, they added.

VERAXA may gain access to up to $253 million in cash held by Voyager, pending transaction costs and shareholder approvals, the companies said.

They added that VERAXA is also raising additional funds to support operations for the next two years.

The merger is expected to close in Q4.