CM Life Sciences II, the second blank check company formed by Casdin Capital and Corvex Management targeting a life science business, raised $240 million by offering 24 million units at $10. The company offered 4 million more units than anticipated. Each unit consists of one share of common stock and one-fifth 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.
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; +115% from $10 offer price), went public in September 2020 and recently announced a merger agreement with genomic platform Sema4.
CM Life Sciences II plans to list on the Nasdaq under the symbol CMIIU. Jefferies acted as a lead manager on the deal.
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