TCR player Immatics combines with Perceptive’s blank check operator, scooping $252M and gaining a listing on Nasdaq
Perceptive Advisors’ blank check company has inked a deal — and it’s landing right in the middle of a global pandemic that’s roiling the industry.
Their Arya Sciences venture, which completed an IPO in the fall of 2018, will now combine with TCR player Immatics — a biotech with roots in Germany and Houston. That gives Immatics $148 million sitting in Arya’s coffers plus $104 million in added funding from a group of investors led by Perceptive.
If everybody on both sides of the aisle sticks with this deal, existing shareholders will wind up with 61% of the stock in the combined operation. And Immatics will go public with a market cap of $634 million and the biotech will start trading as $IMTX.
Immatics will also remain in the hands of CEO Harpreet Singh, who’s been advancing their work on creating new cell therapies that can go after solid tumors.
There have been hundreds of SPACs — Special Purpose Acquisition Companies, often called a blank-check company — out over the years, especially during the big wave of IPOs we’ve been seeing ahead of the pandemic. But not in the biotech field. Some of the execs at Chardan put together a maiden biotech SPAC — dubbed Chardan Healthcare Acquisition Corp, or CHAC — that wound up opting for Solomon’s Israeli microbiome outfit BiomX last fall. Perceptive Advisors’ $125 million Arya Sciences Acquisition Corp came together close to 2 years ago. Each of these SPACs comes with a 2-year shelf life, so the time was ticking away for Perceptive to do something now.
For its part, Perceptive has been doing a lot of deals, including backing Chris Garabedian’s Xontogeny in the Boston/Cambridge hub.