Finance Watch: Investors Launch New SPACs After Initial Deals

Panacea II, CM Life Sciences III Complete IPOs

Apr 09 2021

• By Mandy Jackson

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EcoR1 and Casdin/Corvex took their second and third special purpose acquisition corporations public. Also, Ionis sold notes to buy back older notes and fund operations as it cut 70% of Akcea’s staff. In venture capital, ValenzaBio raised $70m and RA boosted Metagenomi’s series A to $75m.

Finance Watch

Two groups of investors who have sponsored special purpose acquisition corporations (SPACs) have taken their second and third SPACs public after finding success in the life science merger market with their earlier efforts. CM Life Sciences III Inc., sponsored by affiliates of Casdin Capital LLC and Corvex Management LP, raised $480m and Panacea Acquisition Corp. II, sponsored by an affiliate of EcoR1 Capital LLC, raised $150m in initial public offerings on 6 April.

SPACs are blank check companies established with the sole purpose of merging with another company, which is able to go...

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