Biotech company Freenome Holdings is heading for the public markets through a merger with Perceptive Capital Solutions Corp, a SPAC backed by an affiliate of Perceptive Advisors.

The companies have announced a definitive business combination agreement that will take Freenome public in the first half of 2026.

The transaction is anchored by roughly $90 million in PCSC’s trust account—assuming no redemptions—and an additional $240 million in PIPE financing at $10 per share from some of the sector’s most prominent investors, including Perceptive, RA Capital, ADAR1 Capital, Bain Capital Life Sciences, and Farallon Capital Management.

“Freenome is entering the public markets at an inflection point for our company and for blood-based cancer screening,” said CEO Aaron Elliott.

“Our technology has been clinically validated through our pivotal PREEMPT CRC study and recent JAMA manuscript. We have secured the commercialization partnerships needed to support the expected launch of multiple tests in 2026. Perceptive Advisors and our other PIPE investors bring deep healthcare expertise and conviction in our approach to make multi-cancer detection personalized, accessible and part of routine care.”

PCSC leadership said Freenome was exactly the type of high-impact company they created the SPAC to support.

“We founded PCSC to partner with transformational life sciences companies, and Freenome represents exactly the type of business we set out to support,” said Adam Stone, Chief Investment Officer of Perceptive Advisors and CEO of PCSC.

“Freenome has built a leading platform, assembled top-tier strategic partners, and demonstrated a clear path toward making blood-based cancer screening broadly accessible. We are thrilled to partner with the Freenome team and to support the company through its next stage of growth.”

Freenome expects the combined company to receive approximately $330 million in proceeds at closing (before transaction expenses and assuming no redemptions).

The infusion is expected to accelerate: Development of the company’s AI/ML-driven multiomics platform for early disease signal detection; Expansion of commercial and data infrastructure ahead of the planned 2026 launch of blood-based tests for colorectal cancer, lung cancer, and other indications.

Under the agreement, Freenome shareholders will roll 100% of their equity into the new company and will not receive cash proceeds. The combined business is expected to carry an equity value of about $1.1 billion at closing, assuming no redemptions.