Lark­spur Health Ac­qui­si­tion files to go pub­lic as this year's SPAC flood surges over $14B

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An­oth­er day, an­oth­er SPAC vy­ing for a spot on Nas­daq.

On Wednes­day, On­coSec Med­ical CEO Daniel O’Con­nor filed the S-1 pa­per­work for a new blank-check com­pa­ny he’s lead­ing called Lark­spur Health Ac­qui­si­tion. The for­mer Ad­vax­is chief pen­ciled in a $75 mil­lion raise, with plans to of­fer 7.5 mil­lion shares at $10 apiece.

Daniel O’Con­nor

Ac­cord­ing to End­points News’ IPO track­er, 44 SPACs have filed for IPOs this year, rais­ing just shy of $14.5 bil­lion. It’s all part of a wave that car­ried over from 2020, which saw more than 30 health care-fo­cused SPACs go pub­lic. Blank check com­pa­nies, which ac­count­ed for on­ly 3% of the IPO mar­ket in 2014, rep­re­sent­ed more than 35% of last year’s mar­ket.

Gink­go Bioworks struck a record $2.5 bil­lion SPAC deal ear­li­er this week, an­nounc­ing plans to merge with Har­ry Sloan’s Soar­ing Ea­gle Ac­qui­si­tion Corp., which sets its pre-mon­ey val­u­a­tion at $15 bil­lion. Sci­ence 37 — a tech de­vel­op­er known for its work on de­cen­tral­ized clin­i­cal tri­als — al­so re­cent­ly an­nounced plans to go pub­lic on the back of a SPAC, strik­ing a deal to merge with LifeSci Ac­qui­si­tion II Corp., which raised just over $80 mil­lion in No­vem­ber.

Like most SPACs, Lark­spur is keep­ing the de­tails to a min­i­mum, on­ly re­veal­ing in the S-1 that it’s look­ing to merge with a com­pa­ny in the biotech in­dus­try.

“We have not se­lect­ed any spe­cif­ic busi­ness com­bi­na­tion tar­get and we have not, nor has any­one on our be­half, ini­ti­at­ed any sub­stan­tive dis­cus­sions, di­rect­ly or in­di­rect­ly, with any busi­ness com­bi­na­tion tar­get,” the doc­u­ment states.

O’Con­nor, a for­mer crim­i­nal pros­e­cu­tor in Som­er­set Coun­ty, NJ, was CEO of Ad­vax­is be­fore leav­ing the com­pa­ny abrupt­ly — and with­out of­fer­ing a rea­son — in 2017. He’s now lead­ing On­coSec’s ef­forts to de­vel­op an IL-12 can­cer ther­a­py that’s ac­ti­vat­ed by elec­tro­po­ra­tion, or a se­ries of mo­men­tary en­er­gy puls­es. The biotech’s in­ves­ti­ga­tion­al ther­a­py Ta­vo is cur­rent­ly in a piv­otal tri­al in com­bi­na­tion with Keytru­da for ad­vanced melanoma.

Un­lock­ing ESG strate­gies for growth with Gilead Sci­ences

RBC Capital Markets explores what is material in ESG for biopharma companies with the ESG leads at Gilead Sciences. Gilead has long focused on sustainability but recognized a more robust framework was needed. Based on a materiality assessment, Gilead’s ESG strategy today focuses first on drug access and pricing, while also addressing D&I and climate change. Find out why Gilead’s board is “acutely aware” of the contribution that ESG makes to firm’s overall success.

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Sen. Ron Wyden (D-OR) with reporters in the Senate Subway (Graeme Sloan/Sipa via AP Images)

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Ken Frazier, Merck CEO (Bess Adler/Bloomberg via Getty Images)

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End­points News is now 5 years old. Here's how you can sup­port us for the next phase of growth

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Emma Walmsley, GlaxoSmithKline CEO (Credit: Fang Zhe/Xinhua/Alamy Live News)

Ac­tivist in­vestor El­liott in talks with oth­er Glax­o­SmithK­line in­vestors about re­plac­ing Em­ma Walm­s­ley, spin­ning off vac­cine busi­ness — re­port

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