CM Life Sciences III, the third blank check company formed by Casdin Capital and Corvex Management targeting a life science business, raised $480 million by offering 48 million units at $10. The company offered 8 million more units than anticipated. Each unit consists of one share of common stock and one-fifth of a warrant, exercisable at $11.50. The company may raise an additional $150 million at the closing of an acquisition pursuant to forward purchase agreements with Casdin Capital and Corvex Management.
The company is led by CEO and Director Eli Casdin, the founder and CIO of life science investment firm Casdin Capital, and Chairman Keith Meister, the founder, Managing Partner, and CIO of investment management firm Corvex Management. The company plans to target the life science industry, specifically businesses in the life science tools, synthetic biology, and diagnostics fields.
Management's previous SPACs include CM Life Sciences II (CMII; +16% from $10 offer price), which has a pending merger agreement with proteomics platform SomaLogic, and CM Life Sciences (CMLF; +56%), which has a pending merger agreement with genomic platform Sema4.
CM Life Sciences III plans to list on the Nasdaq under the symbol CMLTU. Jefferies and Cowen acted as lead managers on the deal.
