Gilead, Foresite take an unknown pandemic antiviral public in $250M SPAC deal
The SPAC boom has produced some surprising deals but generally speaking, people following the industry have at least heard of the companies going public.
On Tuesday, though, Foresite Capital announced that it would use one of its SPACs to take public Pardes Biosciences, a biotech that was founded only last year and has not so much as put out a press release. (Although they have wished people “Happy New Year!” and re-posted pandemic news articles on LinkedIn.) Despite the thin online presence, Foresite is giving Pardes the $175 million they raised for the SPAC, plus another $75 million in private funding from Gilead, RA Capital Management and Frazier Life Sciences.
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