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Iris Acquisition is a special purpose acquisition company (SPAC) structure used to take other businesses public; it is not itself an operating life science/biotech company. The first SPAC vehicle, Iris Acquisition Corp, completed a business combination with Liminatus Pharma in April 2025, after which the combined operating company is named Liminatus Pharma and trades as LIMN/LIMNW on Nasdaq.[4][5]
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