Turmeric Acquisition, a blank check company formed by MPM Capital targeting the biotech industry, lowered the proposed deal size for its upcoming IPO on Tuesday.
The Cambridge, MA-based company now plans to raise $85 million by offering 8.5 million units at $10. The company had previously filed to offer 10 million units at the same price. Each unit still consists of one share of common stock and one-third of a warrant, exercisable at $11.50. At the revised deal size, Turmeric Acquisition will raise -15% less in proceeds than previously anticipated.
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 under the symbol TMPMU. Credit Suisse and JMP Securities are the joint bookrunners on the deal
