MSD Partners and Panacea's SPAC Orion Biotech Opportunities prices $200 million IPO

Orion Biotech Opportunities, a blank check company formed by MSD Partners and Panacea Venture targeting the biotech and life science sectors, raised $200 million by offering 20 million units at $10. Each unit consists of one share of common stock and one-fifth of a warrant, exercisable at $11.50. The company may raise an additional $20 million at the closing of an acquisition pursuant to a forward purchase agreement with MSD Partners.

The company is led by CEO and Director James Huang, who is the Founding Managing Partner of Panacea Venture. He is joined by VP Chrystyna Stecyk, the co-founder and Principal of Griffin Securities, and CFO Mark Kayal, who is currently the Senior Controller of MSD Partners. The company plans to target the biotech and life sciences industries, focusing on North American, European, and Asian healthcare companies with the potential to drive transformational change through novel therapies or technologies.

Orion Biotech Opportunities plans to list on the Nasdaq under the symbol ORIAU. Cantor Fitzgerald acted as a lead manager on the deal.