Health Sciences Acquisitions 2, the second blank check company formed by RTW Investments to acquire a biopharma or medtech business, filed on Friday with the SEC to raise up to $125 million in an initial public offering.
The New York, NY-based company plans to raise $125 million by offering 12.5 million shares at $10. Unlike an ordinary SPAC, the company is not offering warrants that would become exercisable following completion of the initial business combination. At the proposed price, Health Sciences Acquisitions 2 would command a market value of $161 million.
The company is led by CEO and Chairman Roderick Wong, the founder, Managing Partner, and CIO of RTW Investments; and CFO and Director Naveen Yalamanchi, who currently serves as a Partner and Portfolio Manager at RTW. The pair previously served in the same roles for Health Sciences Acquisitions, which raised $100 million in May 2019 and merged with clinical stage biopharma Immunovant Sciences (IMVT; +143% from $10 offer price) the following December.
Health Sciences Acquisitions 2 would be the second SPAC ever to go public by offering common shares instead of units. SPAC offerings normally include units consisting of shares of common stock and tradable warrants. RA Capital's Therapeutics Acquisition (TXAC) went public earlier this month in the first ever warrantless SPAC, and it is currently up 35% from IPO.
Health Sciences Acquisitions 2 was founded in 2020 and plans to list on the Nasdaq under the symbol HSAQ. The company filed confidentially on June 22, 2020. Chardan Capital Markets and Barclays are the joint bookrunners on the deal.
