Life sciences SPAC Dynamics Special Purpose Corp. files for a $200 million IPO

Dynamics Special Purpose Corp., a blank check company led by biotech entrepreneurs targeting the life sciences industry, filed on Friday with the SEC to raise up to $200 million in an initial public offering.

The Redwood City, CA-based company plans to raise $200 million by offering 20 million shares at a price of $10, where it would command a market value of $257 million. The offering does not contain warrants. T. Rowe, Counterpoint Global (Morgan Stanley), D1 Capital Partners, and aMoon Fund have indicated on $100 million of the IPO (50% of the deal).

Executive Chair Omid Farokhzad is the co-founder, Chair, and CEO of proteomics platform Seer (SEER), which went public last year; the stock popped nearly 200% on its first day, and currently trades about 100% above issue. CEO and Director Mostafa Ronaghi previously served as CTO of Illumina from 2008 to 2021, and was a co-founder of GRAIL (acquired by Illumina in 2020). CFO Mark Afrasiabi was most recently Partner and Co-Head of the Investment Committee at Silver Rock Financial.

The SPAC was founded in 2021 and plans to list on the Nasdaq under the symbol DYNS. Dynamics Special Purpose Corp. filed confidentially on April 2, 2021. J.P. Morgan is the sole bookrunner on the deal.