SPAC bust: ARCH, Deerfield and Section 32 cancel their $200M life sciences bet
A life sciences SPAC backed by industry investors Section 32, Deerfield Management and ARCH Venture Partners is closing shop well after the blank-check fad ended and eight months after another ARCH shell company quit.
DA32 Life Science Tech Acquisition Corp., which trades as $DALS, will dissolve and redeem its outstanding public shares after failing to combine with a business in the sector, the shell company said after Friday’s closing bell. The New York-based SPAC went public almost two years ago to the day in a $200 million IPO — meaning its two-year timer for finding a business combination would stop ticking on July 30.
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