Social Capital Suvretta Holdings III, the third blank check company formed by Chamath Palihapitiya and Kishen Mehta targeting the biotech sector, raised $220 million by offering 22 million shares at $10. The company did not offer units with warrants attached.
The company is led by CEO and Chairman Chamath Palihapitiya, the founder and Managing Partner of Social Capital, and President and Director Kishen Mehta, who currently serves as the Portfolio Manager for the Averill strategy at Suvretta. The company plans to target the biotech sector, focusing on companies developing treatments for intrinsic diseases of the heart, kidney, endocrine system (including diabetes and lipids), and blood compartment.
Social Capital Suvretta Holdings III plans to list on the Nasdaq under the symbol DNAC. Morgan Stanley acted as sole bookrunner on the deal.
