Eucrates Biomedical Acquisition, a blank check company formed by Vedanta Management, filed on Tuesday with the SEC to raise up to $100 million in an initial public offering.
The New York, NY-based company plans to raise $100 million by offering 10 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. At the proposed deal size, Eucrates Biomedical Acquisition would command a market value of $129 million.
The company is led by Chairman Stelios Papadopoulos, who is the Chairman of Biogen, Exelixis, and Regulus Therapeutics and also co-founder of Anadys Pharmaceuticals (acquired in 2011) and Cellzone (acquired in 2012). He is joined by CEO and Director Parag Saxena, the co-founder and CEO of private equity investment management firms Vedanta Management and New Silk Route Advisors. The SPAC plans to target North American and European healthcare companies, specifically those utilizing biomedicine and data science.
Eucrates Biomedical Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol EUCRU. The company filed confidentially on September 2, 2020. Stifel and H.C. Wainwright are the joint bookrunners on the deal.
The article Healthcare SPAC Eucrates Biomedical Acquisition files for a $100 million IPO originally appeared on IPO investment manager Renaissance Capital’s web site renaissancecapital.com.
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