Frazier Lifesciences Acquisition, a blank check company formed by Frazier Healthcare Partners targeting the biotech industry, raised $120 million by offering 12 million units at $10. The company offered 2 million more units than anticipated. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50.
The sponsor, an affiliate of Seattle-based life sciences VC and frequent backer of IPO-bound biotechs Frazier Healthcare Partners, had indicated on $10 million worth of units in the offering, and may purchase $25 million worth of shares at the closing of an acquisition pursuant to a forward purchase agreement with the SPAC.
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.
Frazier Lifesciences Acquisition plans to list on the Nasdaq under the symbol FLACU. Credit Suisse acted as a lead manager on the deal.
