Biotech SPAC Monterey Bio Acquisition prices $100 million IPO

Monterey Bio Acquisition, a blank check company targeting the biotech sector, raised $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.

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 previously was Managing Director of boutique investment firm First Bridgehouse Securities.

The SPAC 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 plans to list on the Nasdaq under the symbol MTRYU. Chardan Capital Markets acted as sole bookrunner on the deal.