Research Alliance III, a blank check company formed by RA Capital targeting drug development and healthtech, raised the proposed deal size for its upcoming IPO on Wednesday.
The New York, NY-based company now plans to raise $75 million by offering 7.5 million shares at $10. The company had previously filed to offer 5 million shares at the same price. Unlike most SPACs, the company is offering shares, instead of units with warrants and/or rights attached.
Research Alliance III is led by CEO and Director Matthew Hammond, a Partner on the Investment Team at RA Capital Management. The SPAC intends to target healthcare-related industries, specifically companies in the drug development and commercialization, diagnostic and healthcare technology and service sectors. The company may pursue a target affiliated with RA Capital.
RA Capital's previous SPACs include Research Alliance II (RACB), which went public in 2021 and liquidated; and Research Alliance I, which merged with POINT Biopharma (PNT; acquired by Eli Lilly) in 2021.
Research Alliance III was founded in 2026. It plans to list on the Nasdaq under the symbol RACC. Leerink Partners is the sole bookrunner on the deal.
