Revolution Healthcare Acquisition, a blank check company formed by General Catalyst and ARCH Venture Partners, raised $500 million by offering 50 million SAIL (Stakeholder Aligned Initial Listing) securities at $10. Each SAIL security consists of one share of common stock and one-fifth of a warrant, exercisable at $11.50. The sponsor promote is only 5% due to the SAIL construct, which uses a performance-based incentive structure to create alignment.
The company is led by CEO Jay Markowitz, who is a Senior Partner at ARCH Venture Partners, and Chairman Jeff Leiden, the Executive Chairman of Vertex Pharmaceuticals (Nasdaq: VRTX). The company plans to target businesses at the intersection of health care, life sciences, and technology.
Revolution Healthcare Acquisition plans to list on the Nasdaq under the symbol REVHU. Morgan Stanley acted as a lead manager on the deal.
