Research Alliance II, the second blank check company formed by RA Capital targeting the biotech industry, filed on Tuesday with the SEC to raise up to $130 million in an initial public offering.
The Las Vegas, NV-based company plans to raise $130 million by offering 13 million shares at $10. The company is not offering units with warrants attached. It may raise an additional $30 million at the closing of an acquisition pursuant to a forward purchase agreement with the sponsor. At the proposed deal size, Research Alliance II would command a market value of $167 million.
The company is led by CEO and Chairman Peter Kolchinsky, the founder and Managing Partner of RA Capital, and CFO and Director Tess Cameron, who is a Principal on the Investment Team at RA Capital. The company plans to leverage its management team's experience and target the healthcare industry, with an emphasis on the biotech sector.
Management's previous SPAC, Research Alliance I (formerly Therapeutics Acquisition; RACA; +40% from $10 offer price), went public in July 2020.
Research Alliance II was founded in 2020 and plans to list on the Nasdaq under the symbol RACB. The company filed confidentially on July 31, 2020. Jefferies is the sole bookrunner on the deal.
