Closing out a quiet week on Wall Street, a new SPAC prices its public debut and begins the search for a biotech partner
Biotech’s hot run of IPO pricings appears to be slowing down for the fall, with just a couple of companies making the jump to Wall Street this week.
The latest, a SPAC called Monterey Bio Acquisition, priced 10,000 shares at $10 apiece on Thursday, raking in a $100 million raise. The news comes roughly a month after the blank check company filed its S-1 papers.
Running the show is Sanjeev Satyal, who was most recently CEO of the biotech pH Pharma. The Seoul- and Silicon Valley-based company is working on a slate of candidates across oncology, inflammation, liver disease, genetic disease and ophthalmology, the most advanced of which is a Phase III-ready Rho kinase inhibitor for glaucoma. After the offering, Satyal will be left with a 1.2% stake in the company, according to the S-1/A.
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