Perceptive hits the pricing sweet spot on its latest SPAC, kickstarting the search for next forever partner
If you can say one thing about big-name biotech investor Perceptive Advisors, it’s this: It knows where its pocket is.
After pricing four separate SPACs — all under the “Arya” moniker — right around the $130 million mark for their public offerings, Perceptive is back again with the launch of its fifth fund, also priced in the sweet spot at $130 million.
Arya V, as it is known, will be chaired by Perceptive CEO Joseph Edelman with Adam Stone helming the ship and Michael Altman, a managing director at Perceptive, handling finance. The SPAC will target North American and European life sciences and medical technology companies in the $300 million to $500 million range with the potential for $1 billion or more in market cap, Perceptive said in a release.
Arya V will join the Nasdaq under the ticker $ARYE with shares priced at $10. In total, 14.95 million shares are being registered with the SEC, according to the S-1 document. Underwriters have a 45-day option to purchase an additional 1.95 million shares.
Perceptive is, of course, no stranger to blank-check companies, having taken four previous iterations of ARYA onto Nasdaq, most recently in February. That month, Arya IV priced at $130 million and has yet to find its forever partner. Meanwhile, the previous iteration, Arya III, reverse merged with Nautilus Biotechnology in February in a deal worth $350 million with the SPAC’s trust and PIPE funding included.
The original Arya signed its own pact with Immatics Biotechnologies in March 2020. That first Arya outfit went public in 2018, but didn’t find a partner until two years later, when it helped Immatics CEO Harpreet Singh advance work on cell therapies to go after solid tumors. Arya II, meanwhile, reached a deal with Tony Coles’ Cerevel back in July as part of a deal valued at $445 million.
In July, Arya II landed with Cerevel, the Pfizer spinout, to advance work in Parkinson’s and other neurological diseases. It landed a big $350 million investment from Bain Capital, shortly after the company maneuvered its way through troubled times after it closed its entire neuroscience division.
SPACs have started making up more and more of the market, accounting for only 3% of the IPO market in 2014 but swelling to more than 35% last year.