Biotech SPAC Monterey Bio Acquisition files for a $100 million IPO

Monterey Bio Acquisition, a blank check company targeting the biotech sector, filed on Tuesday with the SEC to raise up to $100 million.

The New York, NY-based company plans to raise $100 million by offering 10 million units at $10. Each unit consists of one share of common stock and one warrant, exercisable at $11.50. At the proposed deal size, Monterey Bio Acquisition would command a market value of $125 million.

The company is led by CEO Sanjeev Satyal, who most recently served as the CEO of clinical-stage biopharma pH Pharma, and CFO and Director William McKeever, who is currently an independent consultant and previously was Managing Director of boutique investment firm First Bridgehouse Securities. The company plans to target the biotech sector, focusing on businesses that are developing or enabling development of pre-commercial therapeutic candidates across a broad array of therapeutic areas, with an initial focus on oncology and immunology.

Monterey Bio Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol MTRYU. Chardan Capital Markets is the sole bookrunner on the deal.