Frazier Lifesciences Acquisition, a blank check company formed by Frazier Healthcare Partners targeting the biotech industry, filed on Friday with the SEC to raise up to $100 million in an initial public offering.
The Seattle, WA-based company plans to raise $100 million by offering 10 million units at a price of $10. Units consist of one share of common stock and one third of a warrant, exercisable at $11.50. The sponsor intends to purchase $10 million worth of units in the offering, and buy $25 million worth of shares in a private placement concurrent with an acquisition. At the proposed deal size, the SPAC would command a market value of $129 million.
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The SPAC is led by Chairman and CEO Jamie Topper, who has co-led the venture capital firm since 2005 as its Managing Partner. He is joined by his brother, CFO and Director David Topper, who serves as Frazier's Senior Advisor for Capital Markets and a Senior Managing Director at fintech firm CircleUp, and previously was a Partner at General Atlantic and Co-Head of ECM for J.P. Morgan.
VC Frazier Healthcare Partners is a frequent backer of IPO-bound biotechs; this year it was the lead pre-IPO investor on Arcutis Biotherapeutics (ARQT; +36% from IPO), and a key shareholder of three others, Passage Bio (PASG; -5% from IPO), Vaxcyte (PCVX; +117%), and Tarsus Pharmaceuticals (TARS; +44%),
Frazier Lifesciences Acquisition Corp. was founded in 2020 and plans to list on the Nasdaq under the symbol FLACU. The company filed confidentially on October 15, 2020. Credit Suisse is the sole bookrunner on the deal.
