GNQ Insilico Inc., a Toronto-based TechBio company, has agreed to go public through a business combination with IB Acquisition Corp. (Nasdaq: IBAC), a Nevada-based special purpose acquisition company. The transaction, announced March 16, values GNQ at US$500 million, with additional consideration possible through revenue and share price earnout provisions.

Under the definitive agreement, IBAC will acquire all outstanding GNQ shares by way of a plan of arrangement under the Canada Business Corporations Act. The deal is expected to provide approximately US$15 million in proceeds to GNQ, comprising a PIPE of up to US$10 million and cash held in IBAC's trust account, supplemented by up to US$2 million in bridge financing through convertible notes and warrants.

Founded by Rehan Huda, GNQ operates three proprietary platforms that integrate artificial intelligence, quantum computing, and genomics to accelerate drug discovery. Its Drug Assessment Platform launched in Q4 2025, with its Drug Simulation and Digital Twins platforms expected later in 2026.

GNQ's current executive team will lead the combined company, with a five-member post-closing board consisting of four GNQ designees and one independent IBAC sponsor designee. Closing, targeted for Q3 2026, requires shareholder approvals from both companies and approval by the Ontario Superior Court of Justice.

I-Bankers Securities, Inc. is acting as financial and capital markets advisor to IBAC. ArentFox Schiff LLP and Dentons Canada LLP are legal advisors to IBAC, while Barnes & Thornburg LLP and Cassels Brock & Blackwell LLP are legal advisors to GNQ.