The 2021 class of biotech SPAC mergers
At least 15 therapeutics-focused biotechs went public via SPAC merger in 2021, with six more looking to close announced mergers in 1H22
Fifteen (68%) of the 22 therapeutics-focused biotechs that announced mergers with special purpose acquisition companies, or SPACs, in 2021, have completed the transactions, raising private investments of $60 million to $1.2 billion in the process. Six additional biotechs look to close their SPAC mergers in the first half of 2022, while one such merger was terminated.
Of the 15 completed mergers, 13 of the companies are listed on NASDAQ and two are on NYSE. The six mergers due to complete this half will bring four more biotechs to NASDAQ, one to NYSE and one to Euronext. Drug discovery play BenevolentAI announced its merger with Euronext Amsterdam-listed Odyssey Acquisition S.A. (Euronext:ODYSY) in December. Odyssey raised €300 million ($340 million) in its IPO, and secured a €135 million PIPE in conjunction with the merger. ...