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Foresite Capital's third SPAC Foresite Life Sciences files for a $250 million IPO

February 26, 2021
FLSU.RC

Foresite Life Sciences, the third blank check company formed by Foresite Capital targeting biotech and life sciences, filed on Friday with the SEC to raise up to $250 million in an initial public offering.

The San Francisco, CA-based company plans to raise $250 million by offering 25 million shares at $10. Unlike most blank check IPOs, warrants will not be included in the offering. The company may raise an additional $40 million pursuant to a forward purchase agreement with the sponsor that will close concurrently with the initial business combination. At the proposed deal size, Foresite Life Sciences would command a market value of $320 million.

The company is led by CEO and Director Jim Tananbaum, the founder and CEO of Foresite Capital. He is joined by CFO Dennis Ryan, who currently serves as CFO and Managing Director of Foresite's Operations Group, and VP and Director Michael Rome, who currently serves as a Managing Director at Foresite. The company plans to target the biotechnology and life science infrastructure sector.

Foresite's previous SPACs include FS Development II (FSII; +7% from $10 offer price), which raised $175 million earlier this month, and FS Development, which recently completed its combination with AMD biotech Gemini Therapeutics (GMTX; +50%).

Foresite Life Sciences was founded in 2021 and plans to list on the Nasdaq. It has not yet chosen a ticker (RC ticker: FLSU.RC). Jefferies is the sole bookrunner on the deal.