CM Life Sciences III, the third blank check company formed by Casdin Capital and Corvex Management targeting a life science business, filed on Thursday with the SEC to raise up to $400 million in an initial public offering.
The New York, NY-based company plans to raise $400 million by offering 40 million units at $10. 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 $150 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 III would command a market value of $500 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 previous SPACs include CM Life Sciences II (CMIIU; +35% from $10 offer price), which raised $240 million earlier this week, and CM Life Sciences (CMLFU; +101%), which raised $385 million in September 2020 and is pending an acquisition of genomic platform Sema4.
CM Life Sciences III was founded in 2021 and plans to list on the Nasdaq under the symbol CMLTU. Jefferies and Cowen are the joint bookrunners on the deal.
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