Consonance-HFW Acquisition, a blank check company formed by Consonance Capital targeting the life science industry, filed on Friday with the SEC to raise up to $100 million in an initial public offering.
The Princeton, NJ-based company plans to raise $100 million by offering 10 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 $25 million at the closing of an acquisition pursuant to a forward purchase agreement with its sponsor. At the proposed deal size, Consonance-HFW Acquisition would command a market value of $130 million.
The company is led by Chairman Mitchell Blutt, who is the founder and CEO of Consonance Capital and Consonance Capital Management, and a co-founder and Co-Managing Partner of Consonance Capital Partners. CEO Gad Soffer previously served as COO of Third Rock-funded Rheos Medicines and was part of the founding team at Atara Biotherapeutics. The SPAC plans on targeting the life science industry, specifically the biotech sector in the US and Europe.
Consonance-HFW Acquisition was founded in 2020 and plans to list on the NYSE under the symbol CHFW.U. The company filed confidentially on September 18, 2020. J.P. Morgan is the sole bookrunner on the deal.
