Casdin goes all-in on the SPAC game with $385M offering
Two of biotech’s biggest trends — the rise of SPACs and the Scrooge McDuck piles of cash suddenly available to a life sciences company on New York trading floors — converged late Wednesday in one of the largest life sciences SPAC offerings yet: $385 million.
The new fund, known as CM Life Sciences, comes from the life sciences investment firm Casdin Capital and the New York hedge fund Corvex Management. It marks Casdin’s first specialty acquisition company, as they follow Perceptive Advisors, RTW Investments and other blue-chip life science firms into a form of investing that, while still new to biotech, is growing in popularity and has already looked profitable in a handful of early cases.
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