Amanat Acquisition, a blank check company targeting the life sciences industry led by biotech executive Sandeep Kulkarni, raised $75 million by offering 7.5 million shares at $10. Unlike most SPACs, Amanat Acquisition sold common shares, instead of units that contain warrants or rights. The stock is set to begin trading on Tuesday.
Amanat Acquisition is led by Chairman Sandeep Kulkarni, an experienced biotech executive who currently serves as CEO of Zura Bio (Nasdaq: ZURA) and previously was the co-founder and CEO of Tourmaline Bio (acquired by Novartis in 2025). Kulkarni is joined by CEO and Director Pavan Cheruvu, who previously served as CEO of Bitterroot Bio and Sio Gene Therapies.
The SPAC plans to target the healthcare industry, particularly the biotechnology and life science sectors. The SPAC highlights the growing backlog of late-stage private biotechnology companies that it believes are actively exploring go-public strategies.
The Westfield, NJ-based company will trade on the Nasdaq under the symbol AMAN. Leerink Partners acted as sole bookrunner on the deal.
