Research Alliance II, the second blank check company formed by RA Capital targeting the biotech industry, raised $130 million by offering 13 million shares at $10. The company did not offer 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.
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; +20% from $10 offer price), went public in July 2020 and recently announced a merger agreement with radiopharmaceuticals company POINT Biopharma.
Research Alliance II plans to list on the Nasdaq under the symbol RACB. Jefferies acted as a lead manager on the deal.
