Turmeric Acquisition, a blank check company formed by MPM Capital targeting the biotech industry, filed on Monday with the SEC to raise up to $100 million in an initial public offering.
The Cambridge, MA-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. The company may raise an additional $15 million at the closing of an acquisition pursuant to a forward purchase agreement with MPM Capital. At the proposed deal size, Turmeric Acquisition would command a market value of $129 million.
The company is led by Chairman Matthew Roden, who is currently an Executive Partner at MPM Capital, and CEO Luke Evnin, who co-founded MPM Capital in 1997 and currently serves as a Managing Director. The SPAC plans on targeting biotechs in the oncology and rare disease fields.
Turmeric Acquisition was founded in 2020 and plans to list on the Nasdaq but has not selected a ticker yet (RC ticker: TACU.RC). The SPAC filed confidentially on September 9, 2020. Credit Suisse and JMP Securities are the joint bookrunners on the deal.
