Science 37 Taps SPAC For NASDAQ Listing Valued At Around $1B
Science 37, a life science company, is tapping the craze of a special purpose acquisition company to help it with a major public listing.
Specifically, its is penning a merger agreement with LifeSci Acquisition II Corp (NASDAQ: LSAQ).
According to its statement, the offering sees Science 37 valued at just over $1 billion and has $250 million to fund its decentralized trial tech platform and “extend into new adjacencies, and power the next generation in clinical research.”
The transaction will include a $200 million private placement from investors including BlackRock Inc., Lux Capital, Mubadala Investment Co., PPD Inc., and the SPAC sponsor’s affiliate, LifeSci Venture Partners.
It also includes up to $125 million of additional performance-based equity consideration. The company added that Science 37 shareholders “will retain their equity holdings.”
Science 37 and is expected to be listed on the Nasdaq under the ticker symbol “SNCE.”
According to its website, the company’s platform is used to conduct telehealth check-ins and administrative tasks such as securing patient consent agreements.
Price Action: LSAQ shares are up 7.14% at $10.81 during the market trading hours on the last check Friday.
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