SPRIM-backed SPAC Biotech Acquisition prices $200 million IPO

Biotech Acquisition, a blank check company formed by CRO and venture investor SPRIM targeting the biotech industry, raised $200 million by offering 20 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50.

The SPAC is led by Chairman and CEO Michael Shleifer, co-founder and Managing Partner of SPRIM, along with several other SPRIM executives.

Biotech Acquisition plans to list on the Nasdaq under the symbol BIOTU. Cantor Fitzgerald acted as a lead manager on the deal.