Life science SPAC BioPlus Acquisition lowers deal size by 18% ahead of $180 million IPO

BioPlus Acquisition, a blank check company targeting the life sciences industry, lowered the proposed deal size for its upcoming IPO on Friday.

The New York, NY-based company now plans to raise $180 million by offering 18 million units at $10. The company had previously filed to offer 22 million units at the same price. Each unit now consists of one share of common stock and one-half of a warrant, exercisable at $11.50. Each unit previously contained one-third of a warrant. At the revised deal size, BioPlus Acquisition will raise -18% less in proceeds than previously anticipated.

BioPlus Acquisition is led by Chairman and CBO Jonathan Rigby, the Group CEO of autoimmune and allergy biotech Revolo Biotherapeutics, and CEO, CFO, and Director Ross Haghighat, the Founding Partner of Jasper Capital Partners and Chairman of Triton Systems. The company aims to leverage management's experience to target the life sciences industry.

BioPlus Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol BIOS.U. Cantor Fitzgerald is the sole bookrunner on the deal.