Turmeric Acquisition, a blank check company formed by MPM Capital targeting the biotech industry, raised $85 million by offering 8.5 million units at $10.
The company originally planned to offer 10 million units before decreasing the unit offering on Tuesday. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. The company may raise an additional $15 million at the closing of an acquisition pursuant to a forward purchase agreement with MPM Capital.
The company is led by Chairman Matthew Roden, who is currently an Executive Partner at MPM Capital, and CEO Luke Evnin, who co-founded MPM Capital in 1997 and currently serves as a Managing Director. The SPAC plans on targeting biotechs in the oncology and rare disease fields.
Turmeric Acquisition plans to list on the Nasdaq under the symbol TMPMU. Credit Suisse and JMP Securities acted as joint bookrunners on the deal.
The article MPM Capital's biotech SPAC Turmeric Acquisition prices $85 million IPO at $10 originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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