SPAC GRD Biotechnology Acquisition files for a $40 million IPO, targeting biotechs in Asia

GRD Biotechnology Acquisition, a blank check company targeting the biotech sector in Asia, filed on Wednesday with the SEC to raise up to $40 million in an initial public offering.

The Deyang, China-based company plans to raise $40 million by offering 4 million shares at $10. The company is not offering units with warrants attached. At the proposed deal size, GRD Biotechnology Acquisition would command a market value of $70 million.

The company is led by CEO and Chairman Zhonghua Gao, who currently serves as Dean of the Gene Technology Research Institute and Chairman of two biotechs. The company plans to target the biotech sector in Asia, focusing on businesses with solid financial performance and financial visibility, strong competitive position and growth potential, and established management teams, among other characteristics.

GRD Biotechnology Acquisition plans to list on the Nasdaq under the symbol CGRD. The company has not selected an underwriter yet.