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SPAC Lazard Healthcare Acquisition I files for a $250 million IPO

March 22, 2021
LHCAU

Lazard Healthcare Acquisition I, a blank check company formed by Lazard targeting the healthcare sector, filed on Monday with the SEC to raise up to $250 million in an initial public offering.

The New York, NY-based company plans to raise $250 million by offering 25 million units at $10. Each unit consists of one share of common stock and one-fifth of a warrant, exercisable at $11.50. At the proposed deal size, Lazard Healthcare Acquisition I would command a market value of $313 million.

The company is led by Executive Chairman Alexander Stern, who currently serves as President of Lazard Ltd (NYSE: LAZ) and Lazard Group, as well as a Managing Director of Lazard; CEO and Director Sandeep Wasan, who is a Managing Director in Financial Advisory at Lazard; and CFO and Director Mary Ann Deignan, who is a Managing Director and Co-Head of Capital Markets Advisory at Lazard. The company plans to target the healthcare industry with an emphasis on the biotechnology, medical technology, life science tools and diagnostics, healthcare information technology, and technology-enabled healthcare services subsectors.

Lazard's other SPACs include Lazard Fintech Acquisition I (LFTAU), which filed concurrently with Lazard Healthcare Acquisition I, and February 2021 IPO Lazard Growth Acquisition I (LGACU).

Lazard Healthcare Acquisition I was founded in 2021 and plans to list on the Nasdaq under the symbol LHCAU. Goldman Sachs is the sole bookrunner on the deal.