Omega Alpha SPAC, a blank check company formed by Omega Funds targeting the biotech sector, filed on Monday with the SEC to raise up to $100 million in an initial public offering.
The Boston, MA-based company plans to raise $100 million by offering 10 million shares at $10. Unlike an ordinary SPAC, the company is not offering units with warrants attached. The company may raise an additional $25 million at the closing of an acquisition pursuant to a forward purchase agreement with affiliates of Omega. At the proposed deal size, Omega Alpha SPAC would command a market value of $129 million.
The company is led by CEO and Chairman Otello Stampacchia, the founder and Managing Director of Omega, and President and Director Michelle Doig, a Partner at Omega and former Director of Corporate Finance at Third Rock Ventures. Omega Alpha SPAC plans to leverage its management team's experience and target the healthcare or healthcare-related industries, focusing on North American or European companies in the biotech sector.
Omega Alpha SPAC was founded in 2020 and plans to list on the Nasdaq under the symbol OMEG. The company filed confidentially on November 18, 2020. Jefferies and Morgan Stanley are the joint bookrunners on the deal.
