Jiya Acquisition, a blank check company formed by Samsara BioCapital targeting the biopharmaceutical sector, raised $100 million by offering 10 million shares at $10. Unlike an ordinary SPAC, Jiya Acquisition did not offer units with warrants attached. The company may raise an additional $25 million at the closing of an acquisition pursuant to a forward purchase agreement with Samsara BioCapital.
The company is led by Chairman Srinivas Akkaraju, founder and Managing General Partner of Samsara BioCapital and a former General Partner at Sofinnova Ventures, and CEO and Director Rekha Hemrajani, who has held various executive roles in the healthcare industry, most recently CEO of clinical-stage biopharma Aravive.
Jiya Acquisition plans to list on the Nasdaq under the symbol JYAC. Citi acted as a lead manager on the deal.
