FS Development II, the second blank check company formed by Foresite Capital targeting a healthcare business, raised $175 million by offering 17.5 million shares at $10. The company did not offer units with warrants attached. It originally planned to offer 10 million shares before increasing the offering to 15 million shares earlier this month. It may raise an additional $25 million at the closing of an acquisition pursuant to a forward purchase agreement with the sponsor.
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, went public in August 2020 and recently completed its acquisition of AMD biotech Gemini Therapeutics (GMTX; +26% from $10 offer price).
FS Development II plans to list on the Nasdaq under the symbol FSII. Jefferies acted as a lead manager on the deal.
