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SPAC Innovatus Life Sciences Acquisition files for a $175 million IPO

April 6, 2021
ILAC

Innovatus Life Sciences Acquisition, a blank check company formed by Innovatus Capital targeting the life sciences sector, filed on Tuesday with the SEC to raise up to $175 million in an initial public offering.

The New York, NY-based company plans to raise $175 million by offering 17.5 million shares at $10. No warrants will be included in the offering. Millennium Management, the Teacher Retirement System of Texas, Corbin Capital, and Innovatus Capital have indicated interest in purchasing an aggregate 39% of the offering. At the proposed deal size, Innovatus Life Sciences Acquisition will command a market value of $225 million.

The company is led by CEO and Chairman David Schiff, who has served as a Partner at Innovatus Capital Partners since 2015 and previously was a Partner at Perella Weinberg Partners. He is joined by CFO and Director Andrew Hobson, who has served as a Partner and CFO of Innovatus Capital Partners since 2016 and was CFO of Univision Communications prior to that. Innovatus Life Sciences Acquisition intends to focus on industries that complement its management team’s background and ability to identify promising opportunities in the life sciences sector.

Innovatus Life Sciences Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol ILAC. It filed confidentially on March 5, 2021. UBS Investment Bank is the sole bookrunner on the deal.