CM Life Sciences, a blank check company formed by Casdin Capital and Corvex Management targeting a life science business, raised $385 million by offering 38.5 million units at $10. The company offered 3.5 million more units than anticipated.
Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. The company may raise an additional $150 million at the closing of an acquisition pursuant to forward purchase agreements with Casdin Capital and Corvex Management.
The company is led by CEO Eli Casdin, the founder and Chief Investment Officer of life science investment firm Casdin Capital, and Chairman Keith Meister, the founder, Managing Partner, and Chief Investment Officer of investment management firm Corvex Management. The company plans to target the life science industry, specifically businesses in the life science tools, synthetic biology, and diagnostics fields.
CM Life Sciences plans to list on the Nasdaq under the symbol CMLFU. Jefferies acted as a lead manager on the deal.
