CM Life Sciences II, the second blank check company formed by Casdin Capital and Corvex Management targeting a life science business, filed on Monday with the SEC to raise up to $200 million in an initial public offering.
The New York, NY-based company plans to raise $200 million by offering 20 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 $75 million at the closing of an acquisition pursuant to forward purchase agreements with Casdin Capital and Corvex Management. At the proposed deal size, CM Life Sciences II would command a market value of $250 million.
The company is led by CEO and Director Eli Casdin, the founder and CIO of life science investment firm Casdin Capital, and Chairman Keith Meister, the founder, Managing Partner, and CIO of investment management firm Corvex Management. The company plans to target the life science industry, specifically businesses in the life science tools, synthetic biology, and diagnostics fields.
Management's first SPAC, CM Life Sciences (CMLFU; +37% from $10 offer price), raised $385 million in September 2020.
CM Life Sciences II was founded in 2020 and plans to list on the Nasdaq. It has not selected a symbol yet (RC ticker: CMII.RC). The company filed confidentially on December 31, 2020. Jefferies is the sole bookrunner on the deal.
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