Michael Davidson, NewAmsterdam CEO

NewAms­ter­dam's bid to re­vive Am­gen car­dio drug heads to Nas­daq in Fra­zier SPAC deal

Five years af­ter Am­gen buried its CETP cho­les­terol drug, a Dutch biotech with hun­dreds of mil­lions in fund­ing is head­ed to Wall Street to con­tin­ue test­ing the ther­a­py in Phase III tri­als.

A month af­ter spread­ing the news about se­cur­ing $123 mil­lion up­front in an over­all €1 bil­lion deal, NewAms­ter­dam Phar­ma is back with more fi­nanc­ing, this time from in­dus­try VC heavy­weights Fra­zier and Bain in a deal that will take the biotech pub­lic via Fra­zier’s blank check com­pa­ny. The SPAC tie-up, which in­cludes a PIPE, will boost NewAms­ter­dam’s cof­fers by $235 mil­lion, round­ing out the com­pa­ny’s to­tal cash re­serves to $470 mil­lion, the com­pa­nies said Mon­day morn­ing.

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