Foresite Life Sciences, a blank check company formed by Foresite Capital targeting biotech and life sciences, withdrew its plans for an initial public offering on Friday. It had filed to raise $250 million by offering 25 million shares at $10. The company did not plan to offer warrants.
The company was set to be led by CEO and Director Jim Tananbaum, the founder and CEO of Foresite Capital; CFO Dennis Ryan, CFO and Managing Director of Foresite's Operations Group; and VP and Director Michael Rome, a Managing Director at Foresite. The company had planned to target the biotechnology and life science infrastructure sector.
Foresite's previous SPACs include FS Development II, which completed its combination with Pardes Biosciences (PRDS; -17% from $10 offer price) this past December, and FS Development, which completed its combination with AMD biotech Gemini Therapeutics (GMTX; -85%) in February 2021.
The San Francisco, CA-based company was founded in 2021 and had planned to list on the Nasdaq under the symbol FSAC. Jefferies was set to be the sole bookrunner on the deal.
