Omega Alpha SPAC, a blank check company formed by Omega Funds targeting the biotech sector, raised $120 million by offering 12 million shares at $10. The Boston, MA-based company had originally filed to raise $100 million.
Unlike an ordinary SPAC, the company is not offering units with warrants attached. Omega Alpha SPAC may raise an additional $25 million at the closing of an acquisition pursuant to a forward purchase agreement with affiliates of Omega.
The company is led by CEO and Chairman Otello Stampacchia, the founder and Managing Director of Omega.
Omega is a frequent backer of IPO-bound biotechs; in 2020 it was a key shareholder of oncology biotech Kronos Bio (KRON) and rare disease biotech Spruce Biosciences (SPRB), both of which priced in October.
Omega Alpha SPAC plans to list on the Nasdaq under the symbol OMEG. Jefferies and Morgan Stanley acted as lead managers on the deal.
