Bay Capital Looks to Acquire Biologic Medicines Developer Plenty Biologics

05:08 AM EDT, 10/20/2026 (MT Newswires) -- London-listed shell company Bay Capital (BAY.L) plans to acquire Plenty Biologics in a deal that values the virtual developer of biologic medicines at 40 million pounds sterling on a debt free basis. Bay Capital signed non-binding heads of terms for the proposed all-stock deal, which will be settled through the issuance of 266.7 million new Bay Capital shares at 0.15 pound per share, according to a Tuesday filing. Concurrent with the acquisition, the company plans to raise 5 million pounds of incremental growth capital through a share placement. Trading in Bay Capital shares was suspended on the London stock exchange's main market on Tuesday following the announcement. Upon completion of the proposed acquisition, the company's existing listing in the shell companies category is expected to be cancelled, and it will apply for admission of the enlarged group's shares under the commercial companies category. The deal remains subject to the completion of due diligence, definitive agreements, regulatory clearances and shareholder approvals.