Oaktree Acquisition III Life Sciences, a blank check company formed by Oaktree Capital targeting healthcare businesses, raised $175 million by offering 17.5 million units at $10. Each unit consists of one share of common stock and one-fifth of a warrant, exercisable at $11.50.
The company is led by Chairman John Frank, Vice Chairman of Oaktree Capital, and CEO Zaid Pardesi, Managing Director of Oaktree's private debt strategy. The executives led previous Oaktree-founded SPACs, including Oaktree Acquisition, which completed a business combination with Hims & Hers Health (NYSE: HIMS; +114% from $10 offer price) in 2021; Oaktree Acquisition II, which completed a business combination with Alvotech (Nasdaq: ALVO; +29%) in 2022; and Oaktree Acquisition III, which withdrew its proposed offering in 2023. The company plans to target healthcare or healthcare-related industries.
Oaktree Acquisition III Life Sciences plans to list on the Nasdaq under the symbol OACCU. Jefferies, Citi, and UBS Investment Bank acted as joint bookrunners on the deal.
