Initial Public Offering on Nasdaq
European Biotech Acquisition Corp
Joint BookrunnerKempen & Co acted as Joint Bookrunner in the upsized USD 120 million Nasdaq IPO of European Biotech Acquisition Corp (EBAC)
Transaction highlights
- European Biotech Acquisition Corp (“EBAC”), a special purpose acquisition company (“SPAC”), raised USD 120 million through an IPO on the Nasdaq Capital Market (“Nasdaq”) with proceeds to be used to pursue a business combination in the life sciences industry in Europe
- A total of 12 million units have been sold in the offering for USD 10.00 per unit, raising proceeds of USD 120 million (excluding overallotment option). The deal was upsized from the originally envisaged USD 100 million to USD 120 million
- Each unit consists of one ordinary share and one-third of one redeemable warrant to each investor. Each whole warrant entitles the holder thereof to purchase one Class A ordinary share at a price of USD 11.50 per share subject to adjustment, terms and limitations as described in the prospectus
- The sponsor of the SPAC is an affiliate of Life Sciences Partners (LSP), one of Europe’s largest and most experienced healthcare investment firms
Company description
- EBAC was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. While EBAC may pursue an initial business combination opportunity in any business, industry, sector or geographical location, EBAC intends to capitalize on the ability of its management team to identify promising opportunities in the life sciences industry in Europe
- EBAC will primarily seek to identify a company within the European life sciences industry, whose high potential assets would benefit from the capital and management support, thereby unlocking value and enabling clinical development strategy, although it may invest in any industry
- The members of the EBAC’s management team are associated with LSP, one of Europe’s largest and most experienced healthcare investment firms with a track record that goes back more than 30 years
Background Kempen & Co Life Sciences & Healthcare
In the last twelve months, Kempen & Co has successfully completed a large number of transactions in its Life Sciences & Healthcare franchise. Recent transactions include:
- Joint Bookrunner in the SEK 1.1 billion capital increase by Oncopeptides
- Joint Global Coordinator and Joint Bookrunner in the SEK 962 million Capital Increase by BioInvent
- Joint Global Coordinator and Joint Bookrunner in the €22.5 million Capital Increase by Sequana Medical
- Co-Manager in the USD 115 million US Public Offering by Y-mAbs Therapeutics
- Co-Manager in the USD 115 million US Public Offering by Autolus Therapeutics
- Co-Manager in the USD 165 million Nasdaq Initial Public Offering by Pharvaris
- Passive Bookrunner in the USD 518 million US Public Offering by CureVac
- Lead Manager in the USD 120 million US Public Offering by Merus
- Financial Adviser to DCprime in its merger with Immunicum
- Joint Bookrunner in the SEK 564 million Capital Increase by Cantargia
- Sole Financial Adviser in the sale of Galapagos’ service operation, Fidelta, to Selvita for a total consideration of €31.2 million
- Placement Agent in Investinor’s Secondary Sell-Down of c. 4 million shares in Calliditas Therapeutics
- Lead Manager in the USD 85.0 million Nasdaq Initial Public Offering by Galecto
- Joint Bookrunner in the €31.0 million Capital Increase by Sensorion
- Bookrunner in the USD 245 million Nasdaq Initial Public Offering by Curevac
- Co-Manager in the USD 49.0 million US Public Offering by Centogene
- Joint Bookrunner in the SEK 1.11 billion Capital Increase by Hansa Biopharma
- Joint Bookrunner in the CHF 80.2 million Capital Increase by Molecular Partners
- Co-Manager in the USD 690 million US Public Offering by Ascendis Pharma
- Financial advisor in Immatics’ business combination with Arya Sciences Acquisition Corp, thereby becoming a Nasdaq listed company and securing USD 253 million
- Joint Global Coordinator and Joint Bookrunner in the €61.8 million Initial Public Offering by Hyloris Pharmaceuticals
- Joint Bookrunner in the €20.0 million Capital Increase by Oryzon Genomics
- Joint Global Coordinator and Joint Bookrunner in the SEK 487 million Capital Increase by BioInvent
- Joint Global Coordinator and Joint Bookrunner in the c. SEK 400 million Capital Increase by Immunovia
- Co-Manager in the USD 862 million Global Offering by argenx
- Joint Bookrunner in the SEK 1.41 billion Capital Increase by Oncopeptides
Furthermore, this transaction marks Kempen & Co’s second SPAC transaction in 2021 after the €250 million Euronext Amsterdam IPO of ESG Core Investments in February 2021, and it’s first on the Nasdaq.
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