CM Life Sciences, a blank check company formed by Casdin Capital and Corvex Management targeting a life science business, filed on Friday with the SEC to raise up to $350 million in an initial public offering.
The New York, NY-based company plans to raise $350 million by offering 35 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. The company may raise an additional $150 million at the closing of an acquisition pursuant to forward purchase agreements with Casdin Capital and Corvex Management. At the proposed price, CM Life Sciences would command a market value of $438 million.
The company is led by CEO Eli Casdin, the founder and Chief Investment Officer of life science investment firm Casdin Capital, and Chairman Keith Meister, the founder, Managing Partner, and Chief Investment Officer of investment management firm Corvex Management. The company plans to target the life science industry, specifically businesses in the life science tools, synthetic biology, and diagnostics fields.
CM Life Sciences was founded in 2020 and plans to list on the Nasdaq under the symbol CMLFU. CM Life Sciences filed confidentially on July 23, 2020. Jefferies is the sole bookrunner on the deal.
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