Dynamics Special Purpose Corp., a blank check company led by biotech entrepreneurs targeting the life sciences industry, raised $200 million by offering 20 million shares at $10. The offering did not contain warrants. T. Rowe Price, Counterpoint Global (Morgan Stanley), D1 Capital Partners, and aMoon Fund had indicated on an aggregate $100 million worth of shares in the offering.
The company is led by Executive Chair Omid Farokhzad, the co-founder and CEO of proteomics platform and December 2020 IPO Seer (SEER), and CEO and Director Mostafa Ronaghi, who most recently served as CTO of Illumina (Nasdaq: ILMN) and was a co-founder of GRAIL (acquired by Illumina in 2020). The company plans to leverage management's experience and target the healthcare or healthcare-related industries in North America, focusing on the emerging healthcare value chain, life sciences tools, enabling-software, synthetic biology, and novel drug discovery and development platforms.
Dynamics Special Purpose Corp. plans to list on the Nasdaq under the symbol DYNS. J.P. Morgan acted as a lead manager on the deal.
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