FS Development II, the second blank check company formed by Foresite Capital targeting a healthcare business, filed on Tuesday with the SEC to raise up to $100 million in an initial public offering.
The San Francisco, CA-based company plans to raise $100 million by offering 10 million shares at $10. The company is not offering units with warrants attached. The company plans to raise an additional $25 million in a concurrent private placement to the sponsor. At the proposed deal size, FS Development II would command a market value of $129 million.
The company is led by CEO and Director Jim Tananbaum, the founder and CEO of Foresite Capital. He is joined by CFO Dennis Ryan, who currently serves as CFO and Managing Director of Foresite's Operations Group, and VP and Director Michael Rome, who currently serves as a Managing Director at Foresite. The company plans to target the biotechnology and life science infrastructure sector.
Foresite's previous SPAC, FS Development (FSDC; +24% from $10 offer price), went public in August 2020 and has a pending merger agreement with AMD biotech Gemini Therapeutics.
FS Development II was founded in 2020 and plans to list on the Nasdaq under the symbol FSII. Jefferies is the sole bookrunner on the deal.
