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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