Phoenix Biotech Acquisition, a blank check company targeting healthcare in the US and Europe, raised $155 million by offering 15.5 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50.
The company is led by CEO and Director Chris Ehrlich, who previously served as Senior Managing Director and Head of Locust Walk Partners' Global Biopharmaceutical team. Ehrlich also served as the CEO of Locust Walk Acquisition until it completed its combination with eFFECTOR Therapeutics (EFTR; +21% from $10 offer price) this past August. The company plans to target the healthcare or healthcare related industries in the US and Europe, prioritizing opportunities in the life sciences sector where management has extensive experience.
Phoenix Biotech Acquisition plans to list on the Nasdaq under the symbol PBAXU. Cantor Fitzgerald acted as sole bookrunner on the deal.
