Research Alliance III, a blank check company formed by RA Capital targeting drug development and healthtech, raised $75 million by offering 7.5 million shares at $10. The offering does not contain warrants or rights. The company originally filed to offer 5 million shares before it increased the offering earlier this month.
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, which went public in 2021 and liquidated; and Research Alliance I, which merged with POINT Biopharma (formerly Nasdaq: PNT; acquired by Eli Lilly) in 2021.
The New York, NY-based company will trade on the Nasdaq under the symbol RACC. Leerink Partners acted as sole bookrunner on the deal.
