Eucrates Biomedical Acquisition, a blank check company formed by Vedanta Management targeting data-driven healthcare and biotech businesses, raised $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 is led by Chairman Stelios Papadopoulos, who is the Chairman of Biogen, Exelixis, and Regulus Therapeutics and also co-founder of Anadys Pharmaceuticals (acquired in 2011) and Cellzone (acquired in 2012). He is joined by CEO and Director Parag Saxena, the co-founder and CEO of private equity investment management firms Vedanta Management and New Silk Route Advisors. The SPAC plans to target North American and European healthcare companies, specifically those utilizing biomedicine and data science.
Eucrates Biomedical Acquisition plans to list on the Nasdaq under the symbol EUCRU. Stifel and H.C. Wainwright acted as joint bookrunners on the deal.
