FS Development II, the second blank check company formed by Foresite Capital targeting a healthcare business, raised the proposed deal size for its upcoming IPO on Tuesday.
The San Francisco, CA-based company now plans to raise $150 million by offering 15 million shares at $10. The company had previously filed to offer 10 million shares at the same price. The company is not offering units with warrants attached. It may raise an additional $25 million at the closing of an acquisition pursuant to a forward purchase agreement with the sponsor. At the revised deal size, FS Development II will raise 50% more in proceeds than previously anticipated.
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; +27% 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.
