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- 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.
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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