BCTG Acquisition, a blank check company formed by Boxer Capital targeting the biotech industry, raised $145 million by offering 14.5 million shares at $10. The company offered 2 million more shares than anticipated.
Unlike an ordinary SPAC, it did not offer warrants that would become exercisable following completion of the initial business combination. The company may raise an additional $25 million at the closing of an acquisition pursuant to a forward purchase agreement with its sponsor.
The company is led by CEO and Chairman Aaron Davis, co-founder, CEO, and portfolio manager of Boxer Capital; and President Christopher Fuglesang, co-founder and Managing Director of Boxer Capital. The company plans to leverage its management team's experience and target a business in the biotechnology industry.
BCTG Acquisition plans to list on the Nasdaq under the symbol BCTG. SVB Leerink acted as a lead manager on the deal.
